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in Asia
TRUCIAL OMAN HADHRAMAUT
'NDONESIA
THE
CHARTERED BANK
(Incorporated by Royal Charter 1853)
HEAD OFFICE: 38 BISHOPSGATE, LONDON, E.C.2 Branches in the United Kingdom at Manchester and Liverpool. Agencies at New York and Hamburg.
THE EASTERN BANK LIMITED of life assurance. There is also, however, consider- able collaboration between the companies and Lloyd's on mutual problems, and the two sections of the market probably enjoy nowadays closer and friendlier relations than ever before.
Lloyd's obtains its business solely from ac- credited insurance brokers—unlike the companies, which, at home and overseas, accept proposals through their own agents or directly from the public as well as from brokers. Through the brokers, many of whom have offices in other parts of the world, comes the immense volume of for- eign risks underwritten in the great marble-faced room in the new Lloyd's building.
The business of the insurance companies and Lloyd's has expanded rapidly since the end of the war, and the total premium income from home and overseas of all British insurers for 1957 reached the remarkable figure of over £1,625 million, of which £1,350 million was received by the companies and £275 million by Lloyd's. Deducting from the grand total the sums of £400 million received for ordinary life and £150 million for industrial life assurances, a non-life total is left of about £1,075 million, of which it is esti- mated that 70 per cent. came from overseas. These figures provide an impressive picture of the strength of the insurance industry and its value to the country's internal and external economy.
Intricate problems naturally arise in the administration of this extensive business and there are numerous associations and technical com- mittees in London which deal with the interests of specific sections of the market. First in im- portance is the British Insurance Association, which looks after the interests of its 250 member- companies as a whole, provides information and organises,public relations work. The Fire Offices' Committee, established in 1868, is the fire 'tariff' rate-fixing organisation to which most of the fire offices belong. The Accident Offices' Association plays a similar role in connection with motor and employers' liability risks. In life assurance the principal organisations in London are the Life Offices' Association and the Industrial Life Offices' Association, bodies which do not regulate rates but co-operate in matters of mutual interest. The In- stitute of Actuaries is the professional educational body for the life assurance experts. In the marine market, the Institute of London Underwriters represents the marine insurance companies and works closely with Lloyd's in technical matters.
Other important organisations for which the insurance companies are responsible include the London Salvage Corps, whose tenders are a familiar part ofthe London scene, the Fire Protec- tion Association, which advises the public on fire prevention, and the Joint Fire Research Organisa- tion, a branch of DSIR undertaking research work at Elstree, The Corporation of Insurance Brokers is the brokers' professional association.
Alter a quiet morning . . .
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