Thе form of the UK market sector such as insurance has a very great popularity around the world. Insurance legislation is loyal and democratic. It is regulated by the law on financial services of 1986, which did not suffer significant changes, but was only completed by some amendments which was adapting it for the modern market.
The British insurance market is considered as the top of insurance in the world. In London, all of the largest insurance companies, their representatives and associations are concentrated. The world's largest insurer is placed here- Lloyd's Corporation, the base of which happened in 1680.
Much of Lloyd’s business works by subscription, where more than one syndicate takes a share of the same risk. Business is conducted face-to-face between brokers and underwriters in the Underwriting Room.
When we talk of Lloyd’s, we should consider two distinct parts. The market, which is created of many independent businesses, which is there – truly speaking – to oversee that market. These parts are distinct, but not so independent. Both work closely to maintain high standards of performance across the market.
London has all the reasons to be the center of the insurance. Education of insurance here is ticket in the insurance world in every corner of the earth. In London first-class actuaries are taught who make the most efficient insurance program and determine the most favorable insurance rates.
Conservatism in the United Kingdom and London does the British insurance reliable and profitable. There are many insurance companies that are ready to offer favorable conditions, such as personal insurance and property insurance and financial risks. London insurers have no right to any other business, except for certain law that completely focuses the insurer on the problems of its customers.
Advertising of insurance companies in London and the promotion of their programs is done by means of advertising, distribution of leaflets or phone calls directly to potential customers that help to communicate with people live and personally explain the priorities of the insurer.
Overall, London has been and remains a representative of democratic world of insurance. Such positions backed by conservativeness of indestructible British economy and mentality of the conscious population of London.