Chapter

United Kingdom: Pioneering Insurance Internationally

Robin Pearson

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/9780199657964.003.0003
United Kingdom: Pioneering Insurance Internationally

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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

Chapter.  15311 words. 

Subjects: International Business

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