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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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(p.231) Chapter 10 Conclusion
The Value of Risk

Harold James

Peter Borscheid

David Gugerli

Tobias Straumann

Oxford University Press

The author concludes this part of the book with review of how the industry reacted to external challenges through industry-wide cooperation. He argues that reinsurance took a long time to create its own area of activity from the mid nineteenth century until c.1960. A second phase from 1960 on was marred by structural problems arising from high demand for small risks, such as motor insurance, and the special requirements needed for insuring major risks, which redefined the limits of insurability. Against this background the industry became increasingly academic and scientific in order to produce the necessary knowledge to assess risks. Recent globalization and its impact on the economy finally made reinsurers test out their relationship with the capital markets, eventually finding their own place in the financial services industry.

Keywords:   reinsurance evolution, structural problems, scientific risk, insurability limits, regulation

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