Edited By André Straus and Leonardo Caruana de las Cagigas
Despite being one of the main pillars of the insurance industry, reinsurance is little known by the general public and is rarely the focus of academic study. In this book, the authors – economic historians and experts in the field from across Europe and Japan – seek to address this by shedding light on one of the most globalized of all economic activities. In a clear and engaging manner, they reveal the history of reinsurance in both national and international contexts, aiming to illuminate this vital, but often overlooked, aspect of insurance.
The Development of Spanish Reinsurance from 1940 to the Present Day (Leonardo Caruana de las Cagigas)
The Development of Spanish Reinsurance from 1940 to the Present Day
Leonardo Caruana de las Cagigas
The world reinsurance market in the 1960s and 1970s
The reinsurance market in Western Europe and the United States changed between 1965 and 1975, as shown in Table 1. In 1965, Western European countries had 66.7% of premiums, the United States 24.7% and other countries 8.6%. Ten years later, in 1975, Western European countries had 61.3%, the United States 22% and other regions 16.7%. While the percentage doubled in other countries, in Western Europe and the United States it dropped by 5.4 points and 2.7 points, respectively. However, the reinsurance companies are mainly German, Swiss, American, French or British. The main companies are from these countries: Munich Re ($2,147 m), Swiss Re ($1,467 m), General Re ($566 m), SCOR ($407 m), Mercantile and General Group ($342 m).1
Table 1. Insurance premiums and reinsurance premiums in 1965 and 1975
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