The Pricing Revolution in Marine Insurance, 1600-1824

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• Mr Adrian Leonard (Trinity Hall and CFH)
• Monday 13 May 2013, 17:00-19:00
• Lucia Windsor Room, Newnham College.

If you have a question about this talk, please contact D'Maris Coffman.

The widespread adoption of marine insurance by merchants in international trade was the result of a revolution in the pricing of marine insurance in the seventeenth century. In London, marine insurance prices dropped by more than half, and in some cases 75%. The city soon became the leading insurance centre in the world, as a progressive increase in the number of trade voyages allowed the transformation of ‘uncertainty’ into ‘risk’, which allowed more accurate risk-based pricing. This paper is in three parts. The first discusses the theoretical transformation of uncertainty into risk. The second explores the reasons behind the fall in marine insurance prices, and London’s resulting success in this important sector of the international transportation business. The final, quantitative section examines the fall in prices from the sixteenth century to the eighteenth, drawing on a new, unique database.

This talk is part of the Financial History Seminar series.

This talk is included in these lists:

• AUB_Cambridge Seminars
• CERF and CF Events
• Centre for Health Leadership and Enterprise
• Chris Davis' list
• Darwin Lectures and Seminars
• Economic and Social History Seminars
• Economics and Philosophy
• Financial History Seminar
• Lucia Windsor Room, Newnham College
• Neurons, Fake News, DNA and your iPhone: The Mathematics of Information
• history

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