Introduction: The Insuring Instinct
Introduction: The Insuring Instinct
The introduction by Harold James traces the idea of modern insurance back to its formative and speculative years in the eighteenth and nineteenth centuries and investigates how it gradually helped to lead to more predictable lives for those insured and how this enabled the formation of more complex social and financial interactions. The perception of risk and the organization of risk into something that can be calculated, along with corporate forms of insurance companies and the rise of continental reinsurance are all discussed with the main focus placed on the impact of financial and monetary developments and the role of capital markets in creating modern instruments such as Insurance Linked Securities. Also the impact of the recent financial crisis on the idea of insuring is described.
Keywords: gambling, joint stock company, insurance and finance, monetary flows, Insurance Linked Securities, financial crisis, actuarial calculation
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