Interesting facts
Short observations about insurance and its history — the things that never grow into an article but are worth knowing.
History of insurance
On April 18, 1906, San Francisco experienced one of the largest earthquakes in insurance history in terms of economic damage. The 7.9 magnitude earthquake lasted only about a minute, but caused significant damage and fires, destroying about 80% of the city's buildings. It was the fires that…
History of insurance
At the beginning of the XX century, when railroads were being built at a rapid pace, steamships and telegraphs were running everywhere, and international trade was booming, no one believed that a major European war would break out. In 1909, there was even published a book called “Europe's…
Lines of business
Auto insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Additionally…
Lines of business
In 1992, the USA were hit by a major hurricane (named "Hurricane Andrew"), causing an enormous 27 bln. USD in damage to the economy. Of this amount, 15,5 bln. USD was borne by insurers. At that time, it was considered the largest insured loss in the history of the insurance industry and caused…
Lines of business
Mutual insurance society is one of the organizational forms of insurance company, which carries out paid insurance at the expense of its own funds, insuring the property interests of members of the society. That is, the members of the society are policyholders and co-owners of the insurance…
Market and technology
The complex of modern digital technologies used in insurance is called "InsurTech" (short for "Insurance Technology"). It encompasses the use of modern technologies including machine learning, artificial intelligence, cybersecurity developments, big data analytics, blockchain technology, the use…
Market and technology
Building up the country's export potential is one of the priority directions of foreign economic policy of any state. It allows the state to integrate into the international economic space, solve the issues of employment and increase foreign exchange earnings.
Islamic finance
In Muslim countries where traditional insurance is considered non-Shariah compliant, an alternative insurance model called takaful is used. Takaful (the word is derived from the Arabic verb "kafala", which means "mutual provision of guarantee") is based on the principles of solidarity and mutual…
Islamic finance
Islamic banking is a way of banking that is based on the observance of the religious rules of Shariah. In the holy book "Quran", there are 4 ayats that contain an explicit prohibition on usury ("riba") - the charging of loan interest when one party enters into transactions or makes a profit…
History of insurance
On April 10, 1912, the British transatlantic steamship "Titanic", nicknamed "unsinkable", set sail from Southampton to New York, on its first and, unfortunately, only voyage. On April 14, "Titanic" collided with an iceberg and sank in the icy waters of the Atlantic Ocean. From the beginning of…