Kenneth Arrow and Karl Borch published several important articles in the early 1960s that can be viewed as the beginning of modern economic analysis of insurance activity. This chapter reviews the main theoretical and empirical contributions in insurance economics since that time. The review...

Risk and reinsurance / Niels Viggo Haueter and Geoffrey Jones -- The cultural context of insurance in the West / Geoffrey Clark -- The evolution of the industry structure / Robin Pearson -- The monetary and financial environment, 1860-2013 / Forrest Capie -- Calculating the unpredictable :...