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OverviewThis 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. Full Product DetailsAuthor: Robin PearsonPublisher: Springer Nature Switzerland AG Imprint: Springer Nature Switzerland AG Edition: 1st ed. 2022 Weight: 0.333kg ISBN: 9783030940874ISBN 10: 303094087 Pages: 136 Publication Date: 10 February 2022 Audience: Professional and scholarly , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: Manufactured on demand  We will order this item for you from a manufactured on demand supplier. Table of ContentsAcknowledgementsAbbreviations Glossary Figures Chapter 1: Introduction Chapter 2: Lloyd’s: its history and business practices. Chapter 3: Lloyd’s people: their social composition and political economy. Chapter 4: Expansion, scandals and frauds – Lloyd’s in the 1970s Chapter 5: The first reforms and public scrutiny Chapter 6: The school for scandals Chapter 7: Liability crisis, LMX spiral and collapse Chapter 8: Reform, survival and recovery Chapter 9: Conclusions – delusions of competence Chapter 10: Epilogue – Lloyd’s redivivus Bibliography IndexReviewsAuthor InformationRobin Pearson is Professor of Economic History at the University of Hull, UK. He has published widely on British and international economic and business history, with a particular focus on insurance. Tab Content 6Author Website:Countries AvailableAll regions |
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