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Lloyds of London is very large. However, it is not an insurance company as the term is generally used. Instead, it is an insurance marketplace. It consists of many "syndicates" consisting essentially of investors who pool their money. The syndicates are managed by persons who are essentially risk managers and whose job it is to assess the risk of loss of prospects who/that come to the syndicates for coverage. Premiums are charged like a customary insurance company. If losses occur to the insured for which the syndicate has to pay,, the members of the syndicate pay proportionate shares. The members can risk their personal fortunes in the event of a very large loss, or earn a profit if losses do not occur or are small.
There are many other large insurers world-wide. Most insurers "specialize" in either property insurance (personal or commercial), or life and health insurance. There are also reinsurers that insurer the risks assumed by other insurers.
Therefore, without knowing more, your question cannot be answered more specifically.
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∙ 10y ago
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