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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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Italy: Building on a Long Insurance Heritage

Italy: Building on a Long Insurance Heritage

Chapter:
(p.167) Chapter 7 Italy: Building on a Long Insurance Heritage
Source:
World Insurance
Author(s):

Giandomenico Piluso

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0007

This chapter traces the history of the Italian insurance industry. The fall of the Italian economy from its central position in the sixteenth century relegated it from the areas of strongest economic growth in Europe. This contrasted strongly with the innovative capacity of both the Italian insurance and credit markets during their period of primacy in the late Middle Ages and the early Renaissance. Italy was also an exception in the international arena. Early forms of insurance and associated instruments had already been developed in Imperial Rome. Subsequently, the first marine insurance and reinsurance contracts were drawn up in Genoa in the mid-fourteenth century. However, Italy's supremacy in this area vanished rapidly during the country's economic marginalization after the sixteenth century. In the early decades of the nineteenth century, insurance companies began to be established in various cities that triggered a slow and gradual convergence of the Italian insurance market with the more dynamic French, German, and Austrian markets.

Keywords:   Italian insurance industry, insurance business, insurance market, marine insurance, reinsurance, insurance history

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