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World InsuranceThe Evolution of a Global Risk Network$
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Peter Borscheid and Niels Viggo Haueter

Print publication date: 2012

Print ISBN-13: 9780199657964

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199657964.001.0001

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Usa: The International Attraction of the us Insurance Market

Usa: The International Attraction of the us Insurance Market

Chapter:
(p.274) Chapter 12 Usa: The International Attraction of the us Insurance Market
Source:
World Insurance
Author(s):

Christopher Kobrak

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0012

This chapter traces the history of the US insurance industry. The US has been and still is for many foreign insurers and reinsurers their biggest single market, representing large flows of funds and knowhow, but which varied considerably in direction, degree, and by insurance sector over time. Long before the telephone and internet connected countries, cross-border insurance allowed US and non-US firms to diversify internationally with little or no presence in foreign markets, by ceding (or assuming) American risk or in the case of US firms, by taking on risk from other countries. The story of this sector in the US is part of the larger story of how particular cultures adapted to a broad range of social, political, and technological changes on the road to modern globalization. It is a complicated and, in many ways, particularly American transformation process defined by elements of American cultural and economic history, and punctuated by key events like the San Francisco earthquake and Hurricane Katrina.

Keywords:   American insurance industry, insurance business, insurance history, risk

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