The insurance
industry grew enormously, as individuals and businesses sought to protect
themselves from economic catastrophe by transferring their risks to an
insurance pool. We still have commercial shipping insurance -- just as we did
in the ancient world -- and we also insure against such diverse risks as fires,
floods, theft, auto accidents, kidnap and ransom schemes, defaults on the part
of our debtors, lawsuits and judgments, dying too early and even against the
risk of living too long.
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