Chapter

Europe: Overview

Peter Borscheid

in World Insurance

Published in print August 2012 | ISBN: 9780199657964
Published online September 2012 | e-ISBN: 9780191744709 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199657964.003.0002
Europe: Overview

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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

Chapter.  15151 words. 

Subjects: International Business

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