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The Value of RiskSwiss Re and the History of Reinsurance$
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Harold James, Peter Borscheid, David Gugerli, and Tobias Straumann

Print publication date: 2013

Print ISBN-13: 9780199689804

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199689804.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 18 May 2022

Introduction: The Insuring Instinct

Introduction: The Insuring Instinct

(p.1) Introduction: The Insuring Instinct
The Value of Risk

James Harold

Oxford University Press

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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