Lloyds Of London and Slavery: The Lasting Legacy

Lloyd’s of London, an institution with centuries of history, initially began as an insurance company and eventually became synonymous with banking. However, its roots lie in shipping insurance, where by the 1730s it held dominance, notably insuring planters’ shipments of enslaved individuals to the Americas and the Caribbean. This involvement persisted for over two centuries, with Lloyd’s holding a significant portion of the maritime insurance market. This connection facilitated the transatlantic slave trade and contributed to the profitability of human trafficking. The example of the Zong ship in 1781 illustrates how insurance was utilized to protect slave owners’ interests. Despite the historical complicity of Lloyd’s and other insurers in perpetuating slavery, acknowledgment of this role only emerged recently, with a formal apology in 2020, driven in part by global movements for racial justice. While companies often emphasize diversity and inclusion on paper, tangible action and investment are required to address the deep-rooted inequalities perpetuated by the historical exploitation of slavery and ensure equal opportunities across generations and regions.