Marine Insurance Origins

About Marine Insurance Origins

Marine insurance emerged in the coffee houses of London in the late 17th century. Edward Lloyds coffee house, opened around 1688, became the meeting place for ship owners, merchants, and underwriters. Lloyds of London, the insurance market, grew from this coffee house. Underwriters literally wrote their names under the risk details, hence the name. Marine insurance allowed risky but profitable voyages to be financed. The market insured slave ships, whaling vessels, and cargo ships. Lloyds expanded beyond marine insurance into exotic risks including satellite launches, athletes body parts, and pianists hands. Lloyds faced crisis in the 1990s from asbestos liabilities but survived and modernized.