In the modern Western world, we tend to be insured by the state or
for-profit insurers. We have privileged this system over mutual or
micro-insurance, whose long and rich history we tend to forget.
Yet, mutual and micro-insurance is becoming increasingly important,
both in the Western and in the non-Western world and bears
re-examination. This book traces the track record of mutual
insurance from 1550 to the present, examining provisions for
burial, sickness, unemployment, old age, and widowhood. The author
seeks to address such topics as the type of risks micro-insurance
covered between 1550 and 2015; how it was organized throughout its
history; who provided the coverage; and how contributions, benefit
levels, and conditions have changed. Importantly, the author
explores why this system has worked through, and endured, the test
of time. Mutual insurance can, for instance, overcome classic
insurance problems such as adverse selection and moral hazards. The
author demonstrates that the study of the position micro-insurance
historically assumed in mixed economies of welfare presents
interesting lessons for today's insurance market, as well as for
today's mutualism.
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