This book examines the crisis at the famous insurance market, Lloyd's of London, during the late twentieth century, which nearly destroyed the 300-year-old institution. While rapid structural change resulting from system collapse is less common in insurance than in the history of other financial services, one exception was the Lloyd's crisis. Hitherto, explanations of the crisis have focused on the effects of catastrophic losses and poor governance. By drawing on contemporary accounts of the crisis, the author constructs the first comprehensive scholarly analysis of the public and political response. The book applies theoretical concepts from behavioural economics and economic psychology to argue that multiple delusions of competence were at work both within and outside the Lloyd's market. Arrogance, elitism and defence of vested interests comprised endogenous elements of the crisis. Entrenched ideas about the virtues of self-regulation and faith in insider experts also played a role. The result was a misdiagnosis by both insiders and politicians of what ailed Lloyd's and a series of reforms that failed to address the underlying causes of its disease. This book offers a salutary lesson from recent history about the importance of the transparency, accountability and effective monitoring of financial institutions. It is of interest to academics and students of economic and financial history, business, insurance, political economy and history.

Despite their economic and social importance, there are relatively few book-length studies of national insurance industries. This collection of nine essays by a group of international experts redresses this balance; providing an extensive geographical and thematic spread, linked via an extensive introduction.

Despite their economic and social importance, there are relatively few book-length studies of national insurance industries. This collection of nine essays by a group of international experts redresses this balance; providing an extensive geographical and thematic spread, linked via an extensive introduction.

Fire had always been one of the greatest threats to an early modern British society that relied on the naked flame as the prime source of heating, lighting and cooking. Yet whilst the danger of fire had always been taken seriously, it was not until the start of the eighteenth century that a sophisticated system of insurance became widely available. Whilst a number of high profile fires during the seventeenth century had drawn attention to the economic havoc a major conflagration could wreak, it was not until the effects of sustained industrialization began to alter the economic and social balance of the nation, that fire insurance really took off as a concept. The culmination of ten years of research, this book is the definitive work on early British fire insurance. It also provides a foundation for future comparative international studies of this important financial service, and for a greater level of theorising by historians about the relationship between insurance, perceptions of risk, economic development and social change. Through a detailed study of the archives of nearly 50 English and Scottish insurance companies founded between 1696 and 1850 - virtually all the records currently available - together with the construction of many new datasets on output, performance and markets, this book presents one of the most comprehensive histories ever written of a financial service. As well as measuring the size, market structure and growth rate of insurance, and the extent to which the first industrial revolution was insured, it also demonstrates ways in which insurance can be linked into wider issues of economic and social change in Britain. These range from an examination of the joint-stock company form of organization - to an analysis of changing attitudes towards fire hazard during the course of the eighteenth century. The book concludes by emphasising the ambivalent character of fire insurance in eighteenth and early nineteenth century Britain, contrasting the industry's dynamic long-run rate of growth with its more conservative attitude to product design and diversification.

Explores the changing economic, social and political role of the Anglo-American firm. Focusing on its formative development between the later 17th and the early 20th centuries, the editors bring together a collection which employs selected documents and analytical commentary to illustrate the external role of the firm and public perceptions of it.

Explores the changing economic, social and political role of the Anglo-American firm. Focusing on its formative development between the later 17th and the early 20th centuries, the editors bring together a collection which employs selected documents and analytical commentary to illustrate the external role of the firm and public perceptions of it.

Explores the changing economic, social and political role of the Anglo-American firm. Focusing on its formative development between the later 17th and the early 20th centuries, the editors bring together a collection which employs selected documents and analytical commentary to illustrate the external role of the firm and public perceptions of it.

Explores the changing economic, social and political role of the Anglo-American firm. Focusing on its formative development between the later 17th and the early 20th centuries, the editors bring together a collection which employs selected documents and analytical commentary to illustrate the external role of the firm and public perceptions of it.

Exploring the changing economic, social and political role of the Anglo-American firm, this two-part collection of rare texts covers the period 1700-1850. Each part features an introduction which provides an overview of the development of the British and American business corporation in their respective periods and places it in its wider contexts.

Exploring the changing economic, social and political role of the Anglo-American firm, this two-part collection of rare texts covers the period 1700-1850. Each part features an introduction which provides an overview of the development of the British and American business corporation in their respective periods and places it in its wider contexts.

Exploring the changing economic, social and political role of the Anglo-American firm, this two-part collection of rare texts covers the period 1700-1850. Each part features an introduction which provides an overview of the development of the British and American business corporation in their respective periods and places it in its wider contexts.

Exploring the changing economic, social and political role of the Anglo-American firm, this two-part collection of rare texts covers the period 1700-1850. Each part features an introduction which provides an overview of the development of the British and American business corporation in their respective periods and places it in its wider contexts.

Fire had always been one of the greatest threats to an early modern British society that relied on the naked flame as the prime source of heating, lighting and cooking. Yet whilst the danger of fire had always been taken seriously, it was not until the start of the eighteenth century that a sophisticated system of insurance became widely available. Whilst a number of high profile fires during the seventeenth century had drawn attention to the economic havoc a major conflagration could wreak, it was not until the effects of sustained industrialization began to alter the economic and social balance of the nation, that fire insurance really took off as a concept. The culmination of ten years of research, this book is the definitive work on early British fire insurance. It also provides a foundation for future comparative international studies of this important financial service, and for a greater level of theorising by historians about the relationship between insurance, perceptions of risk, economic development and social change. Through a detailed study of the archives of nearly 50 English and Scottish insurance companies founded between 1696 and 1850 - virtually all the records currently available - together with the construction of many new datasets on output, performance and markets, this book presents one of the most comprehensive histories ever written of a financial service. As well as measuring the size, market structure and growth rate of insurance, and the extent to which the first industrial revolution was insured, it also demonstrates ways in which insurance can be linked into wider issues of economic and social change in Britain. These range from an examination of the joint-stock company form of organization - to an analysis of changing attitudes towards fire hazard during the course of the eighteenth century. The book concludes by emphasising the ambivalent character of fire insurance in eighteenth and early nineteenth century Britain, contrasting the industry's dynamic long-run rate of growth with its more conservative attitude to product design and diversification.

Given the infinite variety of risks throughout history, it is perhaps unsurprising that insurance - the world's primary risk mitigation industry - developed a wide range of organisational forms by which it was delivered. Yet we know little about how and why different forms were chosen in the past, or why they survived or disappeared. This book is the first to examine the development of multiple organisational forms in insurance from an historical and international comparative context, and to relate historical analysis to modern organisational theory. Thirteen chapters cover eight major markets, US, UK, Germany, Japan, Spain, Sweden, Australia, South Africa, which together account for over half of all world insurance today. Each chapter is authored by an expert in their field, and several include new datasets. Major themes covered are the variety, choice, governance and regulation of organisational forms in insurance, the experience of mutual insurance in frontier economies and uncertain political environments, the long-run business performance of different organisational forms, and the problems surrounding the demutualization of modern insurance companies. The book suggests the need for important revisions to current organisational theory, and it highlights several explanatory factors that have received little attention from scholars. These include the importance of regulation and the role of the state in shaping the organisational landscape of insurance at different times and places; the role of entrepreneurship in organisational choice; the utility of organisational forms as a risk management device, and the significance of cultural preferences in the selection of organisational forms.