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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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United Kingdom: Pioneering Insurance Internationally

United Kingdom: Pioneering Insurance Internationally

(p.67) Chapter 3 United Kingdom: Pioneering Insurance Internationally
World Insurance

Robin Pearson

Oxford University Press

This chapter describes international expansion in the UK insurance industry. At the end of the seventeenth century, Britain underwent a dual political and financial revolution that helped lay the foundations for its future economic power. The overthrow of the Stuart monarchy in 1688 again furthered the security of private property rights and the hegemony of parliament. The financial revolution created central banks in England and Scotland, a stock market, and a publicly traded national debt. In addition, London became the world's largest fire insurance market and a leading centre of marine insurance. A century later, with the commercial and industrial economy expanding rapidly, London also provided the world's first exporters of fire and life insurance. By the middle of the nineteenth century, as Britain became the greatest trading nation on earth, its insurance industry approached global domination.

Keywords:   Great Britain, London, insurance business, fire insurance, marine insurance, insurance history

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