The Value of Risk: Swiss Re and the History of Reinsurance by Peter BorscheidThe Value of Risk: Swiss Re and the History of Reinsurance by Peter Borscheid

The Value of Risk: Swiss Re and the History of Reinsurance

byPeter Borscheid, David GugerliEditorHarold James

Hardcover | December 20, 2013

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Reinsurance is an invisible service industry which enables insurance companies to insure more risks and to make better use of their resources. Until recently, reinsurers were only known to a small minority outside the insurance community. Major disasters, especially those caused by naturalcatastrophes, have increasingly brought the industry into the spotlight. Yet what is perceived today by a wider public still only represents a fraction of the industry, and the mechanisms of reinsurance to deal with global risk exposure are virtually unknown. The Value of Risk provides an overviewof how today's reinsurance industry developed. It investigates for the first time the role of reinsurers in a changing risk, economic, and market environment. Harold James explains the fundamental principles of insuring and outlines the evolution of the industry in his introductory essay. In Part I, Peter Borscheid describes in detail the global spread of modern insurance, which emerged in the late eighteenth century amidst ideas of rationalism whichattempted to quantify risk in monetary terms, the setbacks it encountered, and how the market environment changed over time. Professional reinsurance emerged with the rise in insured risks in the industrialising mid-nineteenth century. By the time the San Francisco Earthquake happened in 1906 thereinsurance industry had become well established and showed a remarkable ability to deal collectively with the catastrophe. David Gugerli describes in Part II how the industry as a whole dealt with such challenges but also the numerous exposures to a changing risk landscape. Against this background,in Part III Tobias Straumann examines the history of the Swiss Reinsurance Company, founded in 1863, providing a fascinating example of how professional risk taking was developed over the last 150 years.
Harold James is Professor of History and International Affairs in the Princeton University, and studies economic and financial history and modern European history. His books include The End of Globalization (2001); Family Capitalism: Wendels, Haniels and Falcks (2006); The Creation and Destruction of Value: The Globalization Cycle (200...
Title:The Value of Risk: Swiss Re and the History of ReinsuranceFormat:HardcoverDimensions:496 pages, 9.69 × 6.73 × 0 inPublished:December 20, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199689806

ISBN - 13:9780199689804

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Table of Contents

Walter B. Kielholz: Preface: The Value of ReinsuranceHarold James: Introduction: The Insuring InstinctPart I: Global Insurance NetworksPeter Borscheid: 1. The Early Years2. Expansion3. Backlash4. Division5. Times of CrisisPart II: Cooperation and Competition: Organization and Risks in the Reinsurance Business, 1860 - 2010David Gugerli: 6. Introduction7. Reinsurance Comes into its Own 1860-19608. Structural Problems and Diagnostic Diversity 1960-19809. The Global Market and Liberalisation 1980-201010. ConclusionPart III: The Invisible Giant: The Story of Swiss Re, 1863-2013Tobias Straumann: 11. Introduction12. Establishment13. Crash and Salvation14. Crossing The Pond15. Reaching the Top16. On the Precipice17. Aversion and Adaptation18. World War II19. Growth and Cultural Change20. The Big RestructuringGlossaryBibliographyIndex