Nader Charges Lloyd’s of London

Consumer advocate Ralph Nader asserted today that Lloyd’s of London has an “unregulated, secretive” role in the U.S. insurance industry and is a major force behind the nationwide liability crisis.

He said the giant insurance underwriting exchange concern, looking for ways to make up losses sustained during highly publicized internal scandals, helped spawn higher rates in the United States and reduced compensation for victims in liability cases. He released a report entitled “Goliath: Lloyd’s of London in the United States,” which charges that Lloyd’s “was a driving force behind the commercial insurance crisis of the mid-1980s.”