Sinking the Global Economy: The Lloyds of London Story Part II
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Sinking the Global Economy: The Lloyds of London Story Part II
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Summary
In the 1980s, Lloyds of London insured satellites, rock singers' voices and the legs of sports stars. Everyone was having fun and making money - but disaster was just around the corner.
Lloyds had always operated on the principle of unlimited liability - so the people backing up the insurance policies were expected to pay over all their assets if required. That hardly ever happened - until a series of huge claims hit Lloyds and the insurers suddenly faced huge bills that threatened to destroy the whole operation and the wider economy.
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