Introduction: Insurance and Its Economic Role

Peter Zweifel () and Roland Eisen ()
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Peter Zweifel: University of Zurich

Chapter 1 in Insurance Economics, 2012, pp 1-23 from Springer

Abstract: Abstract Uncertaintyis at the heart of insurance. This is already manifested in our limited knowledge about (observable) past events. In the “real” world all our activities depend on uncertain and unknown circumstances beyond the control of a single individual. Unambiguous, deterministic cause-effect relationships are replaced by ambiguity in the perception of the economic environment. With respect to the future, uncertainty looms still larger. However, it is possible to make forecasts about future events even with incomplete knowledge of past events.

Keywords: Consumer Surplus; Insurance Market; Life Insurance; Insurance Industry; Premium Rate (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/978-3-642-20548-4_1

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