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Insurance and the Law of Obligations$
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Rob Merkin and Jenny Steele

Print publication date: 2013

Print ISBN-13: 9780199645749

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199645749.001.0001

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(p.138) (p.139) 6 Loss-Spreading
Insurance and the Law of Obligations

Rob Merkin

Jenny Steele

Oxford University Press

Focuses on the means by which loss-spreading is effected by insurance and on the issues of private law which arise in the process. Illustrates that losses are not merely spread within defined risk pools, and that the spreading of losses through insurance is the effect of a complex series of party transactions and relations. Explains that the insurance market spreads losses not only beyond defined risk pools but also beyond national borders and into different markets. Sets out some misconceptions about loss-spreading; explores the process of contribution between insurers; and explains the nature and functioning of the main forms of reinsurance. Touches on alternatives to traditional reinsurance and emphasises the significance of diversification. Explores the relationship between the state and the insurance market in relation to loss-spreading.

Keywords:   Loss-spreading, Double insurance, Contribution, Reinsurance, Alternative Risk Transfer, Catastrophe bonds, Riots, Floods, State support

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