航运长期以来一直是最危险的行业之一，这也是1688年伦敦爱德华·劳埃德咖啡馆的聚会者会开始共同分担危险航程风险的原因。如今，驶经霍尔木兹海峡的船东仍常向该市场索取保险报价，伦敦市场协会数据显示，2024年伦敦更广泛的特种保险和再保险市场提供了约61,000个就业岗位，Lloyd's占这一1870亿美元市场的约40%，并在2025年承保近600亿英镑（810亿美元）的合同，按实际口径自2015年以来翻了一番。

Lloyd's集中于经纪人和承保辛迪加的专业化结构持续推动创新：该市场曾写下首张汽车、飞机和卫星保单，之后在网络与能源基础设施保险领域形成优势，扩大了其全球海运、能源和财产保险份额，甚至促使苏黎世收购Beazley。过去资本主要来自个人“Name”，他们享受税收优惠并可获得高收益，但承担无限责任；1990年代因石棉相关索赔致成千上万人受损后，资金来源转向保险公司，现今大多数个人投资者通过有限责任的NameCo参与。

2017年毁灭性飓风季后，财产保险特别有利可图，尽管2022年后灾害有所减弱，但过去三年仍是十年内最赚钱的时期，2025年Lloyd's辛迪加税前利润达106亿英镑（十年平均为25亿英镑），资本回报率超过20%。自2020年以来伦敦增长落后于百慕大，但其整体市场份额上升，2025年保费率出现多年后首次下降，竞争有所回升。伊朗局势导致航运一度中断并推高海运保费且几乎无人承接，迄今未见重大海运巨额赔付；部分恐怖主义保险公司却已出现损失，但整体需求上升，说明“恐惧对业务有利”。

Shipping has long been one of the least safe industries, which is why in 1688 people meeting at Edward Lloyd's London coffee house began pooling risks for hazardous voyages. Today, shipowners passing the Strait of Hormuz still commonly seek quotes there, and the London Market Group reported that London's broader specialty insurance and reinsurance sector supported about 61,000 jobs in 2024, with Lloyd's accounting for about 40% of the $187bn market and writing nearly £60bn ($81bn) in 2025, double in real terms since 2015.

The concentrated specialist model of brokers and underwriting syndicates continues to drive innovation at Lloyd's: it wrote the first car, plane, and satellite policies, later built a strong position in cyber and energy-infrastructure insurance, and increased its share of global marine, energy, and property insurance, which even prompted Zurich to buy Beazley. Historically capital mainly came from individual Names, who enjoyed tax incentives and attractive returns but bore unlimited liability; after thousands were harmed by asbestosis-related claims in the 1990s, capital shifted toward insurers, and today most individuals invest through NameCos with limited liability.

After the devastating 2017 hurricane season, property insurance became especially lucrative; despite fewer catastrophes after 2022, the last three years were the most profitable in over a decade, with 2025 pre-tax profits of £10.6bn versus a ten-year average of £2.5bn and returns on capital above 20%. London's growth has lagged Bermuda since 2020, yet its overall market share has risen, and 2025 saw the first price decline in years as competition returned. Iran-related disruptions temporarily halted shipping and sharply raised marine premiums with few takers, no major marine losses have yet been reported, while some terrorism insurers did suffer losses but demand increased because fear is good for business.

Source: Caffeine fix

Subtitle: Why business at London's specialty-insurance hub has surged

Dateline: The Economist May 2nd 2026