A faltering step towards comparability

Article Abstract:

The European Community's Council of Ministers has arrived at a consensus on the draft directive covering insurance undertakings' accounts. The directive provides a framework for the standardization of the valuation and presentation aspects of information that must be disclosed in an insurer's shareholders' accounts. The draft directive is the latest in the EC's program of accounting directives and is intended to enhance the comparability of insurance accounts in the EC's member states. It is expected to be passed by the European Parliament in early 1992. EC countries shall be expected to comply with the directive by 1994 and insurers must follow the new standards for accounting periods beginning Jan 1, 1995.

International affairs, Legislative bodies, Europe, Laws, regulations and rules, Column, Accounting and auditing, European Union. European Parliament, Financial statements, European Union. Council of the European Union

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Make yourself a name at Lloyd's

Article Abstract:

Lloyd's of London is more than 300 years old, has 24,000 underwriting members, and 400 syndicates of 'Names' that it insures with unlimited liability. To be a Name with Lloyd's of London, an individual should be worth 250,000 pounds sterling (100,000 pounds sterling is the minimal requirement, but these applicants will most often be rejected) and be willing to deposit with Lloyd's 50 percent of his personal net worth. Standing for membership and the election process for becoming a Name are described, following a brief history of the corporation.

United Kingdom, Case studies, History, Corporations, Lloyd's of London, Corporations, British, London, company profile

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Downhill from the profitability peak

Article Abstract:

The US and UK insurance underwriting industries are analyzed. 1987 and 1988 will most likely be seen as the peak years of the current cycle. Recent profitability is threatened by new price competition, especially from big ticket US commercial lines. The US market is at least 10 times larger than the UK market, and several economic factors will probably keep the US market from entering a prolonged downturn. The UK market is expected to remain fairly stable.

Financial services industry, Finance, Financial services

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