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Introduction: Insurance and Its Economic Role

In: Insurance Economics

Author

Listed:
  • Peter Zweifel

    (University of Zurich)

  • Roland Eisen

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.

Suggested Citation

  • Peter Zweifel & Roland Eisen, 2012. "Introduction: Insurance and Its Economic Role," Springer Texts in Business and Economics, in: Insurance Economics, edition 127, chapter 1, pages 1-23, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-20548-4_1
    DOI: 10.1007/978-3-642-20548-4_1
    as

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