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Published online by Cambridge University Press: 05 July 2011
Background and development of the insurance market
Insurance is used in wider context for the purpose of pooling risks with other policyholders in order to protect the individual policyholder from extreme outcomes. In essence, the policyholder pays a premium to the insurance company in exchange for a promise that a potential future claim will be met. In order to ensure that the insurance company is in a position to meet that claim as it falls due, the insurer has to hold reserves and capital and be subject to a strict regulatory regime. In effect, the policyholder is purchasing access to the regulatory regime and the capital resources of the insurer.
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