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SUMMARY:The Pricing Revolution in Marine Insurance\, 1600-1824 - Mr Adrian
  Leonard (Trinity Hall and CFH)
DTSTART:20130513T160000Z
DTEND:20130513T180000Z
UID:TALK43170@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:The widespread adoption of marine insurance by merchants in in
 ternational 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 th
 e 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 uncerta
 inty 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 se
 ction examines the fall in prices from the sixteenth century to the eighte
 enth\, drawing on a new\, unique database.
LOCATION:Lucia Windsor Room\, Newnham College
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