“…The earliest known European contracts were underwritten in Genoa in 1343 (Ceccarelli, 2001) and the oldest preserved English contract was dated 1547 (Hart, Buchanan, and Howe, 2007). The Great Fire of London in 1666 provided an impetus for the development of fire insurance.…”
Section: Historical and Theological Literaturesmentioning
confidence: 99%
“… … that a proper history of insurance should not only cope with economy but also with conceptions of religion and nature. (English translation provided by Ceccarelli, 2001, p. 607).…”
Section: Historical and Theological Literaturesmentioning
confidence: 99%
“…Simony was condemned because it was viewed as the sale of Christ’s charisma and usury was condemned because it was the sale of God’s time. In 1234, Pope Gregory IX issued the decretal Naviganti , which stated that insurance was illicit (Ceccarelli, 2001).…”
Section: Historical and Theological Literaturesmentioning
confidence: 99%
“…Theologians who supported the Naviganti , such as the Portuguese Carmelite João Sobrinho [1400–1475], argued that the insurer was selling something that was not rightfully theirs to sell and that the safety of a venture proceeds only from God’s will. Similarly, the fifteenth‐century French theologian Peter Tartaret argued that the insurer should not profit from human presumption of safety since safety can only be granted by God (Ceccarelli, 2001).…”
Section: Historical and Theological Literaturesmentioning
confidence: 99%
“…For example, Domingo Soto [1495–1560] argued that risk was an economic object and that insurance shared the risk between merchant and insurer. Assecuratio must be licit because insurance enables licit business to prosper (Ceccarelli, 2001).…”
Section: Historical and Theological Literaturesmentioning
The term “moral hazard” when interpreted literally has a strong rhetorical tone, which has been used by stakeholders to influence public attitudes to insurance. In contrast, economists have treated moral hazard as an idiom that has little, if anything, to do with morality. This article traces the genesis of moral hazard, by identifying salient changes in economic thought, which are identified within the medieval theological and probability literatures. The focus then shifts to compare and contrast the predominantly, normative conception of moral hazard found within the insurance‐industry literature with the largely positive interpretations found within the economic literature.
“…The earliest known European contracts were underwritten in Genoa in 1343 (Ceccarelli, 2001) and the oldest preserved English contract was dated 1547 (Hart, Buchanan, and Howe, 2007). The Great Fire of London in 1666 provided an impetus for the development of fire insurance.…”
Section: Historical and Theological Literaturesmentioning
confidence: 99%
“… … that a proper history of insurance should not only cope with economy but also with conceptions of religion and nature. (English translation provided by Ceccarelli, 2001, p. 607).…”
Section: Historical and Theological Literaturesmentioning
confidence: 99%
“…Simony was condemned because it was viewed as the sale of Christ’s charisma and usury was condemned because it was the sale of God’s time. In 1234, Pope Gregory IX issued the decretal Naviganti , which stated that insurance was illicit (Ceccarelli, 2001).…”
Section: Historical and Theological Literaturesmentioning
confidence: 99%
“…Theologians who supported the Naviganti , such as the Portuguese Carmelite João Sobrinho [1400–1475], argued that the insurer was selling something that was not rightfully theirs to sell and that the safety of a venture proceeds only from God’s will. Similarly, the fifteenth‐century French theologian Peter Tartaret argued that the insurer should not profit from human presumption of safety since safety can only be granted by God (Ceccarelli, 2001).…”
Section: Historical and Theological Literaturesmentioning
confidence: 99%
“…For example, Domingo Soto [1495–1560] argued that risk was an economic object and that insurance shared the risk between merchant and insurer. Assecuratio must be licit because insurance enables licit business to prosper (Ceccarelli, 2001).…”
Section: Historical and Theological Literaturesmentioning
The term “moral hazard” when interpreted literally has a strong rhetorical tone, which has been used by stakeholders to influence public attitudes to insurance. In contrast, economists have treated moral hazard as an idiom that has little, if anything, to do with morality. This article traces the genesis of moral hazard, by identifying salient changes in economic thought, which are identified within the medieval theological and probability literatures. The focus then shifts to compare and contrast the predominantly, normative conception of moral hazard found within the insurance‐industry literature with the largely positive interpretations found within the economic literature.
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