Place,Power,and Medical Liability Insurance in the United States

Abstract

Following the Western world's economic ‘crisis’ of the early 1970s and the related medical liability insurance calamity in the United States, new spatial and organizational arrangements emerged in the US medical malpractice insurance market. Reorganization gave a major London-based reinsurer—Lloyd's—a great deal of potential influence over the politically powerful US medical profession. At the same time as the prospects of control over medicine and law were being concentrated in London, Lloyd's was confronting immense financial difficulties arising from asbestos-related liability claims in the United States. Through the political influence derived from their economic connection with US physicians and malpractice insurers, Lloyd's seems to have been able to encourage US tort law reforms which minimize its profit-seeking underwriting members' exposure to asbestos-related and medical liability-related claims.

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References

Mr K R Barrett. Upon the request of Mr Terence R Lake, Assistant Secretary of Lloyd's Underwriters' Non-Marine Association, and on behalf of Lloyd's of London, Mr Barrett answered a number of written questions I asked of and about Lloyd's. Barrett is affiliated with Merrett Underwriting Agency Management Limited, Underwriting Agents at Lloyd's. (Correspondence.)

Mr John Bentley. President, Surplus Lines Association of Washington, Seattle, WA. (Transcribed, recorded interview.)

Mr Mario Mendez. Agent for Swett and Crawford, Lloyd's Correspondent, Seattle, WA. (Nonrecorded telephone interview.)

Mr Alan Morrow. Senior Rate Analyst with the Washington State Insurance Commissioner's Office, Olympia, WA. (Transcribed, recorded interview.)

Mr Marvin Still. Vice President of F B Beattie and Co., Lloyd's Correspondent, Seattle, WA. (Nonrecorded telephone interview.)