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Swiss Re A History of Insurance 15
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16 Swiss Re A History of Insurance
Global expansion As the series of wars in Europe and the anglo American conflict came to an end in 1815, insurance was finally able to spread on a broader scale beyond Europe and the USA. But it remained a privilege of the European descendants to insure themselves and their businesses As the series of wars in Europe and the In India. for instance. insurance was Anglo- American conflict came to an end restricted to British subjects as locals were in 1815, insurance was finally able to suspected of not being morally fit to spread on a broader scale beyond Europe withstand the temptations of fraud. Also, and the USA, which had imported the they were thought to be too big a risk for British invention almost from the start. life insurance on account of their percei- sed on growing trade, and in the wake ved lower living standards. Ironically, the of emigration, the British system was worst risks for life insurers turned out to radually adopted in most white settler be young British officers who were often olonies in the Americas. Australia and exposed to severe health problems in New Zealand. and in South africa he tropical climates of the colonies and tended to die prematurely. It remained a privilege of the European settlers and traders to insure themselves Yet, India was to become important as and their businesses local communities springboard for the spread of insurance rarely embraced the concept, preferring into the Far East. The East India Company instead to remain with their traditional dominated insurance on the subcontinent ways of guarding against misfortune. But underwriting risks there from a Most non-European societies preferred London office was almost impossible. ke up to two alongside trusting in God. And the exchange letters with India. The alternative Europeans, for their part, initially showed was to demand higher risk premiums o interest in insuring others which prompted agency houses in Kolkata to set up their own insurance, thereby bringing the business further into Asia in 1850. From the early 19th centur on Singapore was to become one of the most mportant trading hubs in Asia. As such it contributed much to the spread of insurance into East Asia. It was also to become important n the development of the automobile industry In the late 1880s, the Singapore-based trading company Boustead& Co., which had served s an agency for Liverpools Royal Insurance since 1860, set up the first rubber plantations Opposite Dutch insurance brokers in Indonesia targeted Chinese businesses as clients. Advertisement ound 1900 of a broker representing various Dutch insurance companie
Swiss Re A History of Insurance 17 Global expansion As the series of wars in Europe and the Anglo-American conflict came to an end in 1815, insurance was finally able to spread on a broader scale beyond Europe and the USA, which had imported the British invention almost from the start. Based on growing trade, and in the wake of emigration, the British system was gradually adopted in most white settler colonies in the Americas, Australia and New Zealand, and in South Africa. It remained a privilege of the European settlers and traders to insure themselves and their businesses. Local communities rarely embraced the concept, preferring instead to remain with their traditional ways of guarding against misfortune. Most non-European societies preferred forms of family and village solidarity, alongside trusting in God. And the Europeans, for their part, initially showed no interest in insuring others. In India, for instance, insurance was restricted to British subjects as locals were suspected of not being morally fit to withstand the temptations of fraud. Also, they were thought to be too big a risk for life insurance on account of their perceived lower living standards. Ironically, the worst risks for life insurers turned out to be young British officers who were often exposed to severe health problems in the tropical climates of the colonies and tended to die prematurely. Yet, India was to become important as a springboard for the spread of insurance into the Far East. The East India Company dominated insurance on the Subcontinent. But underwriting risks there from a London office was almost impossible, since it could take up to two years to exchange letters with India. The alternative was to demand higher risk premiums, which prompted agency houses in Kolkata to set up their own insurance, thereby bringing the business further into Asia. Right: Singapore in 1850. From the early 19th century on Singapore was to become one of the most important trading hubs in Asia. As such it contributed much to the spread of insurance into East Asia. It was also to become important in the development of the automobile industry. In the late 1880s, the Singapore-based trading company Boustead&Co., which had served as an agency for Liverpool’s Royal Insurance since 1860, set up the first rubber plantations on the Malay Peninsula. Opposite: Dutch insurance brokers in Indonesia targeted Chinese businesses as clients. Advertisement around 1900 of a broker representing various Dutch insurance companies. As the series of wars in Europe and the AngloAmerican conflict came to an end in 1815, insurance was finally able to spread on a broader scale beyond Europe and the USA. But it remained a privilege of the European descendants to insure themselves and their businesses
Global expansion Many countries Die deutsche Sozialversicherung ad adopte steht in der ganzen Welt vorbildlich und unerreichf da social insurance Die Krankenversicherung schemes based on the german model invented by yi鱼 the chancellor Otto von Bismarck Invalide- isor会e interbllebenen-Fursonk to appease unrest among the growing 11 Milliarden Mark proletarian classes German c Chancellor Otto von Bismarck introduced social security programs in the 1880s s system was the first of its kind in the world. Old age pensions, accident insurance medical care and unemployment insurance were afterwards soon introduced throughout the world India was to dia with its long tradition of trade has a history become important hich goes back several millennia. Early forms of insurance can be dated back to the third as a springboard century BCE. In the late 18th century British surance companies operated on the for the spread ubcontinent through agency houses. In 18 a scotsman founded the first modern insurance company to be incorporated in India. Indian of insurance into agency houses helped spread insurance further the far east the beginning of the 20th century led to Swiss Re was very closely associated with the Indian market co rly as 1865. From 1929 o for life business helping the Indian industry to grow, despite fierce competition from the
18 Swiss Re A History of Insurance Global expansion Above: German Chancellor Otto von Bismarck introduced social security programs in the 1880s. Germany’s system was the first of its kind in the world. Old age pensions, accident insurance, medical care and unemployment insurance were afterwards soon introduced throughout the world. Left: India with its long tradition of trade has a history which goes back several millennia. Early forms of insurance can be dated back to the third century BCE. In the late 18th century British insurance companies operated on the Subcontinent through agency houses. In 1818, a Scotsman founded the first modern insurance company to be incorporated in India. Indian agency houses helped spread insurance further into Asia. The Swadeshi movement at the beginning of the 20th century led to the foundation of many Indian owned insurance companies. The New India was to be the first wholly Indian owned insurer. By the 1950s it had built a global network of agencies. Swiss Re was very closely associated with the Indian market covering British companies’ risks there as early as 1865. From 1929 on Swiss Re dealt directly with the Indian insurers and became the most important reinsurer for life business helping the Indian industry to grow, despite fierce competition from the British insurers. India was to become important as a springboard for the spread of insurance into the Far East. Many countries had adopted social insurance schemes based on the German model invented by the Chancellor Otto von Bismarck to appease unrest among the growing proletarian classes
From 1819 on, thanks to Thomas Stamford Often such companies were based on Raffles, Singapore was to emerge as the mutuality, albeit with more modern ways new hub for trade in South East Asia, and of operating than the traditional friendly it grew to a gateway for many insurance societies. The spread of personal insurance companies on their way to the dutch East was mainly a consequence of the massive dies. In the late 1880s, a Singapore- migration from Europe that took place based trading company, which had in the 19 th and early 20th centurie served as an agency for Liverpool 's royal domination of the British, many Latine Vith growing national concerns over In Latin America insurance was imported merican countries later resorted to led reforms designed to protect local insurers on a large scale by European immigrants. thus saw a large diversity f local insurers The British companies concentrated eliciting the business, and catering to he different needs of clients with ltalian in trade related risks while immigrants Spanish, English, or German backgrounds. often signalling their origin and target spread insurance to a larger population Anglo-Argentina, Franco-Argentina,or Germano- Argentina Across the African continent, especially Insurance since 1860, set up the first in Sub-Saharan Africa, it was South Africa bber plantations on the malay to take the lead dutch Peninsula. This kind of combined business migrants founded combined fire and approach had entrepreneurs or agencies life insurance companies already in the ovide insurance to their own and 1830s. In the early 20th century the South others' businesses. In those days this African state took a unique approach by as common and practised by large hoosing to do without social insurance Asian corporations d leaving old age provision to life insurers. At the time, many countries In Latin America, insurance was imported had adopted social insurance schemes on a large scale by European immigrants. based on the German model invented The British companies concentrated by Chancellor Otto von Bismarck on trade-related risks while immigrants pease the growing proletarian classes. spread insurance to a larger population ight ation was an import port the concept of insurance. While property insurance was mainly exported by trades- founded by emigrants who copied companies they had known at home. Often these were based on mutuality and reflected the origin of the founders and the targeted clients in their names such as in this picture of the Germano-Argentina, which also practiced mutual help in the form of motorist assistance Swiss Re A History of Insurance
Swiss Re A History of Insurance 19 In Latin America insurance was imported on a large scale by European immigrants. The British companies concentrated in trade related risks while immigrants spread insurance to a larger population. Right: Emigration was an important means to export the concept of insurance. While property insurance was mainly exported by tradespeople, life insurance companies were often founded by emigrants who copied companies they had known at home. Often these were based on mutuality and reflected the origin of the founders and the targeted clients in their names such as in this picture of the Germano-Argentina, which also practiced mutual help in the form of motorist assistance. From 1819 on, thanks to Thomas Stamford Raffles, Singapore was to emerge as the new hub for trade in South East Asia, and it grew to a gateway for many insurance companies on their way to the Dutch East Indies. In the late 1880s, a Singaporebased trading company, which had served as an agency for Liverpool’s Royal Insurance since 1860, set up the first rubber plantations on the Malay Peninsula. This kind of combined business approach had entrepreneurs or agencies provide insurance to their own and others’ businesses. In those days this was common and practised by large Asian corporations. In Latin America, insurance was imported on a large scale by European immigrants. The British companies concentrated on trade-related risks while immigrants spread insurance to a larger population. Often such companies were based on mutuality, albeit with more modern ways of operating than the traditional friendly societies. The spread of personal insurance was mainly a consequence of the massive migration from Europe that took place in the 19th and early 20th centuries. With growing national concerns over the domination of the British, many Latin American countries later resorted to legal reforms designed to protect local insurers against foreign companies. Many countries thus saw a large diversity of local insurers soliciting the business, and catering to the different needs of clients with Italian, Spanish, English, or German backgrounds, often signalling their origin and target segment in company names such as la Anglo-Argentina, Franco-Argentina, or Germano-Argentina. Across the African continent, especially in Sub-Saharan Africa, it was South Africa that was to take the lead. Dutch and British immigrants founded combined fire and life insurance companies already in the 1830s. In the early 20th century the South African state took a unique approach by choosing to do without social insurance and leaving old age provision to life insurers. At the time, many countries had adopted social insurance schemes based on the German model invented by Chancellor Otto von Bismarck to appease the growing proletarian classes