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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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Europe: Overview

Europe: Overview

Chapter:
(p.37) Chapter 2 Europe: Overview
Source:
World Insurance
Author(s):

Peter Borscheid

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0002

This chapter presents an overview of the history of modern insurance in Europe. The actual birth of modern insurance can be dated back to the middle of the eighteenth century when industrialization in the United Kingdom was getting underway. At the time, share-based, well capitalized insurance companies became widespread in marine and fire insurance. Calculating risk on the basis of statistics began with the probability calculation approach used in life insurance, which was applied to the other lines of insurance from the mid-nineteenth century onwards and became the real hallmark of the actuarial technique involving provisions against contingencies used by insurance companies.

Keywords:   insurance business, insurance history, United Kingdom, insurance companies, risk calculation, marine insurance, fire insurance, life insurance

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