The British Insurance Industry Since 1900: The Era of Transformation (Palgrave Macmillan Studies in Banking and Financial Institutions)

This book is a comprehensive chronicle of the transformation of the intensely competitive British insurance industry in response to evolving economic, social, technological and political conditions. It analyzes the fast-changing shape of the distribution system, the role of the state and the shifting boundaries of insurability and risk transfer. Cover......Page 1 Contents......Page 6 Insurance Key Dates and Events......Page 8 List of Tables and Figures......Page 11 Preface......Page 15 Part I: First Half of the Century......Page 18 1 The Industry from the End of the Victorian Era to 1914......Page 20 2 Insurance in World War I......Page 32 3 The Interwar Years......Page 40 4 Insurance during World War II......Page 48 Part II: Lines of Business......Page 56 5 From Austerity to Prosperity......Page 58 6 Life Insurance......Page 78 7 Commercial Insurances......Page 99 8 Reinsurance......Page 125 9 Risk Management......Page 134 10 Lloyd's of London......Page 143 11 International Business and Europe......Page 152 Part III: Market Infrastructure......Page 164 12 Competition and Mergers......Page 166 13 Trade Associations and Other Bodies......Page 185 14 Distribution Channels......Page 194 15 The Regulation of Insurance......Page 208 16 Retrospect and Prospect......Page 219 1 Principal works on pre-1900 British insurance market......Page 235 2 Reading list on insurance company investments......Page 236 3 Life and composite offices amalgamated 1989–2000......Page 237 4 Commercial lines premiums 1995, 2007 (£m)......Page 239 Notes......Page 240 References......Page 242 C......Page 248 F......Page 249 L......Page 250 O......Page 251 T......Page 252 Z......Page 253 Cover 1 Contents 6 Insurance Key Dates and Events 8 List of Tables and Figures 11 Preface 15 Part I: First Half of the Century 18 1 The Industry from the End of the Victorian Era to 1914 20 2 Insurance in World War I 32 3 The Interwar Years 40 4 Insurance during World War II 48 Part II: Lines of Business 56 5 From Austerity to Prosperity 58 6 Life Insurance 78 7 Commercial Insurances 99 8 Reinsurance 125 9 Risk Management 134 10 Lloyd's of London 143 11 International Business and Europe 152 Part III: Market Infrastructure 164 12 Competition and Mergers 166 13 Trade Associations and Other Bodies 185 14 Distribution Channels 194 15 The Regulation of Insurance 208 16 Retrospect and Prospect 219 Appendices 235 1 Principal works on pre-1900 British insurance market 235 2 Reading list on insurance company investments 236 3 Life and composite offices amalgamated 1989–2000 237 4 Commercial lines premiums 1995, 2007 (£m) 239 Notes 240 References 242 Index 248 A 248 B 248 C 248 D 249 E 249 F 249 G 250 H 250 I 250 K 250 L 250 M 251 N 251 O 251 P 252 R 252 S 252 T 252 U 253 V 253 W 253 X 253 Y 253 Z 253 This book is an account of the dynamic changes that have occurred in one of Britain's most successful industries over the last century, showing how virtually every private and commercial activity has an insurance dimension and how British insurers have been rising to this challenge with the creation of an ever-widening range of personal and commercial policies. Life insurance retains a key role in savings and capital markets with pensions and life cover, while the non-life segment offers protection to virtually every firm and household. The sector's growing sophistication, its crises, legislative and regulatory development and the changing role of the state are also traced