Insurance: Lloyd's Rising Risks

For all its benefits, the growth of technology has also heightened man's risks. Today's risky times should be the best of times for Lloyd's of London, which built an international reputation insuring the new, the colossal, and occasionally the preposterous. Yet Lloyd's profits have been slipping since 1963. Last year the world's largest underwriting group for general insurance closed the books on 1965—three years are needed to settle claims—and reported a $91 million loss. Lloyd's last month announced a $44 million loss for 1966, despite a record income of $1.3 billion...