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MANAGING RISK IN
REINSURANCE
................................................................................................................................................................................................
MANAGING
RISK IN
REINSURANCE
From City Fires to Global Warming
................................................................................................................................................................................................
Edited by
NIELS VIGGO HAUETER
and
GEOFFREY JONES
1
OUP CORRECTED PROOF – FINAL, 30/9/2016, SPi
3
Great Clarendon Street, Oxford, OX DP,
United Kingdom
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© Swiss Reinsurance Company Ltd
The moral rights of the authors have been asserted
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Links to third party websites are provided by Oxford in good faith and
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C ONTENTS
........................................
List of Figures vii
List of Tables ix
List of Contributors xi
. Risk and Reinsurance
N IELS V IGGO H AUETER AND G EOFFREY J ONES
. The Cultural Context of Insurance in the West
G EOFFREY C LARK
. The Evolution of the Industry Structure
R OBIN P EARSON
. The Monetary and Financial Environment, –
F ORREST C APIE
. Calculating the Unpredictable: History of Actuarial Theories
and Practices in Reinsurance
H ANS B ÜHLMANN AND M ARTIN L ENGWILER
. The Rise and Decline of Treaty Reinsurance: Changing
Roles of Reinsurers as Financial Service Providers
A LEXANDROS -A NDREAS K YRTSIS
. From Gentlemen’s Agreement to Judicial Instrument:
The History of Contract Practice and Conflict Resolution
in Reinsurance
T ILMANN J. R ÖDER
. Reinsurance Law as an Autonomous Regulatory Regime?
Resistance to Codification and Avoidance of State
Jurisdiction in the Twentieth Century
M ILOŠ V EC
vi CONTENTS
. What is an Insurable Risk? Swiss Re and Atomic
Reactor Insurance
L ORRAINE D ASTON
. Natural Catastrophes and their Effects on Reinsurance
W ELF W ERNER
. Continuity and Change in Reinsurance –
R OMAN L ECHNER , N IELS V IGGO H AUETER , AND L AWRENCE K ENNY
Appendix
Glossary
Select Bibliography
Index
L IST OF FIGURES
................................................................
. Swiss Re: Income from interest – (CHF thousand)
. Boom and bust: Life insurance companies created and perished
in Britain (–)
. Combined ratios of the US market and the bilateral trade
relationships between the USA and the UK, –
. Lloyd’s capacity, –, in USD billion
. Profitability of the P&C reinsurance market, –
. Property catastrophe price index, by region, –
. Global P&C reinsurance: Net premiums, underwriting expenses (claims,
commissions, administrative expenses), and capital, –
A. Global reinsurance: Gross premiums written by region,
A.. Reinsurance market : Life and health
A.. Reinsurance market : Property/casualty
A.. Life premiums ceded by region,
A.. Non-life premiums ceded by region,
A.. Overall premiums ceded by region,
A. Cat bond notional by year, –
A. Swiss Re Global Cat Bond Index Total Return versus Barclays US
High Yield and S&P Total Return, –
A. Number of natural catastrophes and man-made disasters, –
A. Number of victims from natural catastrophes and man-made
disasters, –
A. Insured losses from natural catastrophes and man-made
disasters, –
A. Insured versus uninsured losses from natural catastrophes, –
A. Insured versus uninsured losses from natural catastrophes
and man-made disasters, –
L IST OF TABLES
............................................................
. Total net premiums in reinsurance by country, (GBP m)
. The ‘numerical method’ in practice ()
A. Specialist reinsurance companies by country and year
of foundation, –
A. Number of reinsurance company foundations by country, –
A.. Top reinsurance companies for
A.. Top reinsurance companies for
A.. Top reinsurance companies for
A.. Top reinsurance companies for
A.. Top reinsurance companies for
A.. Top reinsurance companies for
A.. Top reinsurance groups for
A.. Top reinsurance groups for
A.. Top reinsurance groups for
A.. Top reinsurance groups for
A. Insurance and reinsurance, –: Premiums written in
USD bn and real premium growth, life versus non-life
A.. Natural catastrophes and man-made disasters: The most
costly events in terms of economic losses, –
A.. Natural catastrophes and man-made disasters: The most
costly insurance losses, –
A.. Natural catastrophes and man-made disasters: The worst
events by victims, –
A. Thresholds for insured losses and casualties (at prices)
L IST OF CONTRIBUTORS
...........................................................................................
Hans Bühlmann is Professor Emeritus of the Swiss Federal Institute of Technology
(ETH) Zurich, where he taught mathematics for more than thirty years. He has
held visiting appointments at UC Berkeley, University of Michigan, Université Libre
de Bruxelles, University of Tokyo, University of Manitoba, Sapienza—Università di
Roma, Scuola Normale Superiore di Pisa. His interest in actuarial sciences dates back
to his first employment, when he worked in the insurance industry. His book
Mathematical Methods in Risk Theory is a classic in the actuarial literature. Hans
Bühlmann is Honorary Chairman of ASTIN, Honorary President of the Swiss Actuaries
(SAV), and Honorary Member of DAV (German Actuaries). He served Swiss Re as a
member of their board of directors for more than thirty years.
Forrest Capie is Professor Emeritus of Economic History at the Cass Business School,
City University, London. He has taught at the London School of Economics, the
University of Warwick, and the University of Leeds. He has been a British Academy
Overseas Fellow at the National Bureau, New York, a Visiting Professor at the
University of Aix-Marseille and at the London School of Economics, and a Visiting
Scholar at the International Monetary Fund. He has written widely on money, banking,
and trade and commercial policy. He was Head of Department of Banking and Finance
at City University from to and Editor of the Economic History Review from
to . He recently completed the commissioned history of the Bank of England
(). His latest book (with G. E. Wood) is Money over Two Centuries ().
Geoffrey Clark is Professor of History and Director of the National Endowment for
the Humanities Faculty Development Program at the State University of New York at
Potsdam. He is the author of Betting on Lives: The Culture of Life Insurance in England,
– () and editor of The Appeal of Insurance (), among other articles
and essays on the history of insurance in relation to warfare, slavery, religious thought,
and urban life.
Lorraine Daston is Director at the Max Planck Institute for the History of Science,
Berlin, and Visiting Professor in the Committee on Social Thought at the University of
Chicago. Her recent publications include (co-edited with Elizabeth Lunbeck), Histories
of Scientific Observation (), and (with Paul Erikson et al.) How Reason Almost Lost
Its Mind: The Strange Career of Cold War Rationality (), as well as essays on the
history of scientific facts, objectivity, curiosity, probability, attention, and the moral
authority of nature, which have appeared in various journals and collections.
xii LIST OF CONTRIBUTORS
Niels Viggo Haueter is Head of Swiss Re’s Corporate History unit and the company’s
historical archives. He is a Guest Lecturer at Hitotsubashi University in Tokyo and
serves as Deputy Chairman of the Academic Council of the European Association for
Banking and Financial History in Frankfurt. Together with Peter Borscheid, he edited
World Insurance: The Evolution of a Global Risk Network ().
Geoffrey Jones is the Isidor Straus Professor of Business History at the Harvard
Business School. He has written extensively on the history of global business, and its
social and environmental impact. He holds MA and PhD degrees from Cambridge
University in Britain, and has honorary PhDs from Copenhagen Business School,
Denmark, and from the University of Helsinki, Finland. Professor Jones’s books
include British Multinational Banking – (), Merchants to Multinationals
(), Multinationals and Global Capitalism: From the Nineteenth to Twenty First
Century (), Renewing Unilever (), and Beauty Imagined (). He is currently
researching the history of sustainable entrepreneurship. Professor Jones is co-editor of
the journal Business History Review and a Fellow of the Academic of International
Business.
Lawrence Kenny is an independent writer on emerging risk and reinsurance issues.
He was previously a Director of Communications at Swiss Re, responsible for publi-
cations, and a Senior Manager at the Management Consulting arm of Coopers &
Lybrand, where he worked across the media, telecoms, and finance industries.
Alexandros-Andreas Kyrtsis is Professor of Sociology in the Department of Political
Science and Public Administration at the National and Kapodistrian University of
Athens. His main fields of research are the sociological and historical analysis of the
techno-organizational backstage of financial markets and the dynamics of complex
projects. He has also done research and published on the social history of ideas, and the
social theory of urban and geographical space. He has been Academic Visitor at the
Massachusetts Institute of Technology, the London School of Economics and Political
Science, the University of Edinburgh, the Institute of Advanced Studies on Science,
Technology and Society in Graz, and at the ETH Zurich. His publications in English
include, in addition to several research articles, two edited volumes: Financial Markets
and Organizational Technologies: System Architectures, Practices and Risks in the Era of
Deregulation () and the Routledge Handbook of European Sociology (co-edited
with S. Koniordos, ).
Roman Lechner is Senior Economist and Deputy Head of Swiss Re’s Economic
Research & Consulting department. Since , he has regularly authored and co-
authored sigma studies covering a broad spectrum of non-life insurance topics, including
reinsurance and the London market. His publications also include (with T. Holzheu)
‘The Global Reinsurance Market’, in Handbook of International Insurance: Between
Global Dynamics and Local Contingencies ().
LIST OF CONTRIBUTORS xiii
Martin Lengwiler is Professor for Modern History at the University of Basle (Depart-
ment of History) and associated member of the Research Group ‘Science Policy
Studies’ at the Social Science Research Center Berlin (Wissenschaftszentrum Berlin
für Sozialforschung (WZB)). He works and publishes in the fields of history of
knowledge, modern European history, welfare history, and historical methodology.
He has been member of the interdisciplinary research group Historical and Interpretive
Approaches to Standards, Quantification and Formal Representations at the Historical
Research Institute, University of California, Irvine (in ) and Invited Professor at
the École des Hautes Études en Sciences Sociales, Paris (in ).
Robin Pearson is Professor of Economic History at the University of Hull. He has
published widely on British and international economic and business history, with a
particular focus on the insurance industry. His article on moral hazard and insurance
in eighteenth-century London won the Harvard-Newcomen Best Article Prize.
His books include Insuring the Industrial Revolution: Fire Insurance and the British
Economy, –, which won the Wadsworth Prize for Business History; The
Development of International Insurance (); and Shareholder Democracies? Corpor-
ate Governance in Britain and Ireland before (), co-authored with Mark
Freeman and James Taylor, which was awarded the Ralph Gomory Prize for
Business History by the US Business History Conference. His latest book, co-edited
with Takau Yoneyama, is Corporate Forms and Organizational Choice in International
Insurance ().
Tilmann J. Röder is a Managing Director of the Max Planck Foundation for Inter-
national Peace and the Rule of Law (Heidelberg). He holds two state exams in law and a
doctor’s degree from Frankfurt University (). He publishes in the areas of consti-
tution building, legal pluralism, rule of law promotion in post-conflict societies, and
legal history, and is co-editor of the Max Planck Yearbook of United Nations Law. His
recent works include Constitutionalism in Islamic Countries: Between Upheaval and
Continuity (co-edited with R. Grote; ), From Industrial to Legal Standardisation,
–: Transnational Insurance Law and the Great San Francisco Earthquake
(), and Non-state Justice Institutions and the Law: Decision-Making at the Interface
of Tradition, Religion and the State (co-edited with M. Kötter et al.; ).
Miloš Vec is Professor of European Legal and Constitutional History at Vienna
University and a Permanent Fellow at the Institute for Human Sciences (IWM). He
received his Habilitation in legal history, philosophy of law, theory of law, and civil law
from Goethe University, Frankfurt am Main. Until he worked at the Max Planck
Institute for European Legal History, and taught at the Universities of Bonn, Frankfurt,
Hamburg, Konstanz, Lyon, Tübingen, and Vilnius. His awards include: Studienstiftung
des Deutschen Volkes, –; Otto Hahn Medal of the Max Planck Society, ;
appointment as Founding Member of the Young Academy at the Berlin-Brandenburg
Academy of Sciences and Humanities and the German Academy of Natural Scientists
xiv LIST OF CONTRIBUTORS
Leopoldina, ; Walter Kalkhof-Rose Memorial Award of the Academy of Sciences
and Literature, Mainz, ; Academy Award of the Berlin-Brandenburg Academy of
Sciences and Humanities, ; Fellow to the Wissenschaftskolleg, Berlin, /;
Teaching Award of Vienna University. His main research interests are the history
of international law and multi-normativity.
Welf Werner is Professor of International Economics at Jacobs University, Germany.
He works in the fields of international trade and finance, economic policy, and
economic history. He has published widely on international trade in services, trade
policy on financial services, and the development of international insurance markets.
In recent years Werner advised the Federal Ministry of Economics and Labor in Berlin
and the Ministry of Industry and Trade in Amman, Jordan, on the General Agreement
on Trade in Services (GATS) negotiations at the World Trade Organization (WTO).
Before joining Jacobs University in he worked at the Freie Universität Berlin, the
School of Advanced International Studies, Johns Hopkins University, and, as a John
F. Kennedy Memorial Fellow, at Harvard University.
CHAPTER
......................................................................................................................
RISK AND REINSURANCE
......................................................................................................................
NIELS VIGGO HAUETER AND GEOFFREY JONES
. I N T R O D U C T I O N
..................................................................................................................................
THIS book is about the historical evolution of reinsurance, and how it changed dealing
with risk. Reinsurance is based on a simple idea. The broader you spread the risks, the
cheaper they are to insure. So, rather than insuring risks directly, reinsurers help
insurers spread their risks over time, across geographical locations, and through
different lines of business. Placing their risks in a bigger pool of diversified risks
gives insurers more financial security and thus more room to manoeuvre. Insurance
protects against losses of goods, health, or lives. Reinsurance protects insurance
companies against abnormal financial losses.
While the financial services offered by reinsurers are straightforward, the process
behind managing the entire risk exposure of both clients and the reinsurance com-
panies themselves is complex. The reinsurance industry deals with virtually all insur-
able risks and manages, by definition, global enterprises in different legal environments
and risk landscapes, and often in volatile economies. The most unusual characteristic
of the industry is that it appears largely disconnected from the world of global business,
or, rather, how that world of business has been written by historians and others. For
much of its history, reinsurance has been silent. But behind this apparent silence, the
industry has had a major impact on global social, political, financial, scientific, and even
natural history. This present book seeks to make this apparently silent world more
vocal. It cannot be comprehensive, but it is intended as at least a starting point for new
research agendas. The editors have sought to focus on key issues in the industry,
including the business model of reinsurance and the development of markets, risk
management techniques, financial issues, and legal as well as political aspects.
Each of the following chapters examines the evolution of these key issues over time.
In Chapter , Geoffrey Clark examines the culture of insurance, describing the changes
that came about with the advent of modern insurance, especially in Britain in
the seventeenth and eighteenth centuries, and how modern insurance prepared
NIELS VIGGO HAUETER AND GEOFFREY JONES
the grounds for reinsurance. The chapter describes insurance and related forms of
probabilistic reasoning and practice as a comparatively late stage in the quest for
material security and psychological relief from the hazards of life. Robin Pearson in
Chapter provides a high-level historical overview of the reinsurance market and
business development. In Chapter , Forrest Capie describes the changing monetary,
financial, and macroeconomic conditions across the period within which Swiss Re
operated. It discusses the principal macro variables that insurers need to consider.
In Chapter , Hans Bühlmann and Martin Lengwiler detail how, since the late
nineteenth century, reinsurance played a special role in the history of actuarial science,
in particular by acting as a platform for the formation and development of innovative
actuarial knowledge. Alexandros-Andreas Kyrtsis, in Chapter , uses Swiss Re’s vast
collection of reinsurance contracts to describe the fundamentals of doing reinsurance
and how the financial function of reinsurance eventually gave rise to new forms of
doing business. In Chapter , Tilmann J. Röder looks at the gradual change from seeing
reinsurance contracts broadly as ‘gentlemen’s agreements’ to them being used as a legal
instrument. He uses German sociologist Niklas Luhmann’s theory on legal evolution to
describe major historic events which shaped reinsurance contracts and also compares
Western-style approaches to alternatives such as Islamic takaful law.
In Chapter , Miloš Vec looks at the regulatory environment of reinsurance. The law
of the global reinsurance industry is a unique, normative order, formed, above all, by the
relationships between reinsurers and the reinsured. Characteristic of this normative
order in the twentieth century was the interest of parties engaged in international
activities in, first, keeping contracts as free as possible from legal requirements and,
second, keeping disputes resulting from breaches of contract out of the courts. In
Chapter , Lorraine Daston studies the case of Swiss Re dealing with atomic reactors
during the s and s, and demonstrates how a risk at first considered uninsurable
was eventually made insurable and served as a model to tame other emerging risks. Welf
Werner, in Chapter , looks at the growing attention that natural catastrophes (widely
known in the reinsurance industry as natcats) attract in recent times. He compares the
increase in scientific interest in the matter to the still modest financial and economic
perspective given to the effects of natural catastrophes and the role of the insurance and
reinsurance industry. Finally, Roman Lechner, Niels Viggo Haueter, and Lawrence
Kenny in Chapter provide a detailed look at the main market changes which came
about during the s, and how the reinsurance industry shaped its current image.
. T H E C O N C E P T OF RISK
..................................................................................................................................
The modern reinsurance industry emerged in the nineteenth century, but the phe-
nomenon of risk did not. In the broadest sense, the planet Earth is a dangerous and
ever-changing place, from which there currently remains no means of escape. There
have been five mass extinction events in Earth’s history. In the worst one, the Permian–
Triassic mass extinction of million years ago, it seems per cent of species were
INTRODUCTION: RISK AND REINSURANCE
killed off. We appear to be currently living in the sixth great extinction event, with
vertebrate species disappearing in large numbers, probably because of human actions.
The brief span of human history itself can be interpreted as the story of individuals
buffeted by, overcoming, or succumbing to risks of many sorts. Natural catastrophes,
climate changes, crop failures, revolutions, wars, business cycles, disease, and epidem-
ics were constant disrupters of people’s dreams to have normal lives.
It is sometimes argued that the scale of risk has grown with the technological
complexities of modern societies, but this is almost certainly an illusion. The historian
Geoffrey Parker has described the multiple crises in the seventeenth century through-
out the world—revolutions, droughts, famines, and wars—and related to them to a
dramatic cooling in the climate. One-third of the world’s population may have died
from the toxic mixture of natural and human catastrophes.1 The climate eventually
warmed up again, but the risks of living on the Earth did not go away. Natural and
man-made catastrophes have remained staples of human history.
It is the understanding of risk which has evolved. Information about risks and their
consequences has globalized and become instant over the last two centuries. The spread
of railways and the invention of the electric telegraph in the middle of the nineteenth
century began a process whereby the speed and cost of communicating information
across distances fell sharply. News of the Great Lisbon Earthquake in , one of the
most catastrophic earthquakes in European history, spread around the world at the
speed of the fastest horse or sailing ship. News of the San Francisco Earthquake of
was spread instantly to cities connected by the electric telegraph, primarily at that time
located in the West and its colonies. News of the Fukushima Daiichi nuclear disaster in
reached much of the world’s urban population soon after it happened.
Co-existing with this diffusion of information has been a long-term decline in
tolerance of risk. As societies became richer, people had more to lose if things went
wrong. During the nineteenth century, Western Europe and its settler offspring, includ-
ing the USA, began to undergo spectacular increases in wealth as well as individual
longevity in the wake of the Industrial Revolution. As Western societies got rich, they
worried more about risks. This was the age when the reinsurance industry emerged.
As Geoffrey Clark writes in Chapter of this book, the advent of modern insurance
and, later, reinsurance, can be seen as a continuation of a long evolutionary process of
societies sharing and mitigating risks. The underlying urge to protect against misfor-
tune, Clark argues, has remained the same throughout human history. What has
changed are the means to do so. Affluent developed societies today not only use
insurance, but all manner of other means to externalize or mitigate even the smallest
risks. There are even toasters equipped with algorithms that prevent daily slices of toast
from getting burnt. This is an astonishing evolution from when people used prayers as
a risk management tool to secure their daily bread. Mathematics and, with it, prob-
abilistic thinking and statistical methods—important prerequisites for insurance and
reinsurance—were, however, comparatively late additions to dealing with risk. During
1
Geoffrey Parker () Global Crisis: War, Climate Change and Catastrophe in the Seventeenth
Century. New Haven, CT: Yale University Press.
NIELS VIGGO HAUETER AND GEOFFREY JONES
the Age of Enlightenment, the world began to be measured and more and more things
were expressed in quantitative and later monetary equivalents. This became the basis
for ex ante calculations of losses in insurance and to a more positive risk understand-
ing. Today, ‘probabilistic practices’ (as Clark terms them) have infiltrated modern
societies and permeated virtually all aspects of life.
The Industrial Revolution significantly accelerated this process. Before the eighteenth
century, most risks came from nature and could thus readily be interpreted as divine
punishments. Interfering with such risks was seen as futile and, in several religions, sinful
tampering with divine providence. For centuries, the market for indulgences and pil-
grimages in Catholic Christianity outperformed insurance markets. So, rather than
perceiving what is today seen as risk, most hazards were interpreted as fate, with all
the connotations of impuissance. The Industrial Revolution not only brought new wealth
but also a wide variety of new risks on hitherto unseen scales. As these were clearly man-
made, they caused a gradual change in perceiving risks as being constructed by mankind
and not exclusively God-given, thus allowing the abstract concept of insurance to
spread.2 Moral objections to calculating risk and mitigating it through insurance soon
diminished, not least because the clergy adopted a view that statistical evidence ultimately
served to prove divine power. Also, economic reason helped establish insurance as an
almost moral duty by the later eighteenth century when Adam Smith argued in the
Wealth of Nations that it was foolish not to protect oneself against risks.3 The emergence
of big business in the second half of the nineteenth century, and the professionalization
of management, further increased this shift. Significantly, this period marked the coming
of age of modern reinsurance, although it should be noted that imaginative interpret-
ations of natural disasters can be found even today.4
Business helped interpret risk as something which included positive aspects.
Business logic may always have had to rely on positive aspects of risk. Without risk,
there was no business. Mitigating risk via insurance and the first instances of
reinsurance-like transactions consequently developed in shipping and its thriving
business communities. Early marine insurance may have been the first to distinguish
man-made from natural and God-given risks.5 In fact, it may be responsible not only
Borscheid (, ).
2
‘Many sail, however, at all seasons, and even in time of war, without any insurance. This may
3
sometimes, perhaps, be done without any imprudence. When a great company, or even a great
merchant, has twenty or thirty ships at sea, they may, as it were, insure one another. The premium saved
up on them all may more than compensate such losses as they are likely to meet with in the common
course of chances. The neglect of insurance upon shipping, however, in the same manner as upon
houses, is, in most cases, the effect of no such nice calculation, but of mere thoughtless rashness, and
presumptuous contempt of the risk.’ <https://en.wikisource.org/wiki/The_Wealth_of_Nations/Book_I/
Chapter_> (accessed May ).
4
Hurricane Katrina in was interpreted by some as God’s punishment for allowing abortions in
the USA, and by others as a response for tolerating gay parades in New Orleans. Steinberg (, xi).
5
As in ad risicum et fortunam Dei maris et gentium, see H. Kahane and R. Kahane () ‘Risk’, in
H. Stimm and J. Wilhelm (eds), Verba et Vocabula. Ernst Gamillscheg zum . Geburtstag. Munich:
Wilhelm Fink Verlag, –.
INTRODUCTION: RISK AND REINSURANCE
for the introduction of the term ‘risk’ into many European languages via insurance and
marine legal parlance, but also for broadening the concept of risk to include positive
aspects of good fortune. In other words, this meant a shift from fate to at least partly
manageable risk, or, in the terms of Frank Knight, a shift from uncertainties to risk.
German sociologist Max Weber and others demonstrated that risk-conscious behav-
iour, which took into account a potentially positive outcome of risk, was atypical of
pre-modern times, but that trade which developed around the Mediterranean and early
forms of marine insurance showed hallmarks of modern, positive risk understanding.6
This would, by definition, be true for any business activity. Such positive aspects of risk
seem to be more prevalent in entrepreneurial contexts, especially insurance, while
today’s everyday usage of the word is usually negatively biased.
Mitigating risk via insurance was also linked to externalizing guilt and responsibility.
For most of history it was considered people’s own fault if something happened to
them. But as religious resignation to fate gave way to accepting more responsibility, risk
became increasingly abstract. This abstraction made it possible to cede risk on to other
parties. Paradoxically, it was the acceptance of risk and responsibility by individuals
that made their externalization possible, as someone other than a divine force was able
to assume people’s risks. Large-scale industrialization in particular helped shift respon-
sibility for accidents from workers to factory owners who neglected safety measures.
Later, responsibility was further shifted to manufactures who delivered dangerous
machines, eventually leading to modern concepts of liability.7
Changing perceptions of risk were often linked to technological shifts. The Industrial
Revolution had started a tendency to hold technology responsible for what was
perceived as an increasingly risky environment. Such views were corroborated by an
abundance of technical failures and catastrophes, such as the sinking of the Titanic
liner in the Atlantic Ocean in or the nuclear accident in Chernobyl in
Ukraine. The latter event coincided with the publication of a widely discussed book
called Risk Society: Towards a New Modernity by the German sociologist Ulrich Beck.
The book explicitly blamed an increase in risks on modernization. Along with other
authors, Beck’s views restricted risk to mainly technological issues, but neglected a
wider spread of risk awareness and aversion.8 Still, Beck was perceptive in identifying a
collective unease with technological progress. As various tables in the Appendix of this
6
Bonβ (, f.).
7
Changing views on liability and who was ultimately responsible for creating risk affected the
insurance industry considerably. The changes involved a shift from interpreting negligence as
contributory, to seeing it as comparative. This was manifested with the gradual erosion of the privity
doctrine. Benjamin Cardozo started his ‘assault on the citadel of privity’ as early as (with a case
against car manufacturer Buick for a lost wheel: MacPherson v. Buick Motor Co. (), Judge Benjamin
Cardozo; see W. L. Prosser () ‘The Assault upon the Citadel. Strict Liability to the Consumer’, Yale
Law Journal : , –) but strict liability only came about in the s. This eventually brought
about liability crisis of – in the USA, one of the biggest crises of the insurance industry,
characterized by large price increases, reduction of coverage, and even unavailability of coverage at any
price for some sectors.
8
Bonβ (, –, ).
NIELS VIGGO HAUETER AND GEOFFREY JONES
book show, natural catastrophes have, though, caused far more damages than
man-made disasters. In addition, man-made disasters in a majority of the cases can
be traced back to human rather than technological failure. Still, damage to modern
infrastructures enabled by technological progress is causing the majority of insured
losses. As Lorraine Daston suggests in Chapter , the lines between man-made and
natural disasters is blurred. She joins a long discussion that started with the publication
of Barry A. Turner’s seminal work Man-Made Disasters in .9 There is a long way
from biblical plagues to modern perception of natural catastrophes, but some of the
biblical interpretation lingers on in this view of natural catastrophe effects being man-
made or self-inflicted. This line of thought has received fresh arguments from the
global warming debate.10 Today, natural catastrophes, whether caused by human
action or not, have become the most severe risks for the insurance and reinsurance
industry.
With the exception of the San Francisco Earthquake, the first half of the twentieth
century saw few natural catastrophes that made international headlines. Natural
catastrophes made a reappearance in with Hurricane Betsy, the first such disaster
to cost more than a billion dollars (nicknamed ‘Billion Dollar Betsy’). Natural catas-
trophes made it quite explicit that risk was not directly linked with technological
progress. In fact, developing countries suffered more from natural catastrophes, and
were far less insured against them. Over the last fifty years, there is some empirical
evidence suggesting a rise in the numbers and severity of natural catastrophes.11
The main problem with natural catastrophes, however, was the concentration of
values in geographical regions prone to them. The US state of Florida showed that
natural catastrophes were not confined to the developing world: Florida was home
to more and more retired and wealthy Americans, as well as the wealthy elites of
Latin America.
In recent decades mega-risks have become global phenomena. Few people, even
within the industry, could have predicted the huge losses from floods in Thailand in
, a natural catastrophe exacerbated by high levels of governmental incompetence.
Floods are among the worst natural catastrophes in terms of damage to lives and
property. In Thailand, like many Asian countries except Japan, the cultural preference
was for people to insure themselves by building up savings rather than paying fees to an
institution which insured them.12 Only about per cent of home owners and small
businesses in Thailand had flood insurance at the time of the flood. However, a large
part of the losses were covered not by reinsurance from Thailand, but places such as
Japan, which has outsourced manufacturing production to that country. In other
words, risks had become global. Emerging markets were more at risk because they
are often growing fast, highly polluted, and lacking safety infrastructure such as
9
Turner ().
10
S. R. Weart () The Discovery of Global Warming. Cambridge, MA: Harvard University Press.
11
See Figure A. in Appendix.
12
‘Insurance in Asia: Astounding Claims’ (The Economist, June ).
INTRODUCTION: RISK AND REINSURANCE
building codes. Many such urban manufacturing sites were, for transport reasons,
located close to water and at additional risk of flooding. While newer buildings were
more resilient to various risks, they were also more vulnerable to water damage due to
the sophisticated electricity systems placed underground.13 For individual insurance
companies it was difficult to keep up with such increase in exposure.
The global warming and climate change debates have served to make natural
catastrophes a political issue and hence a high-profile subject. Yet governments as a
whole have remained chronically slow to respond and to coordinate their responses.14
In the USA, the home of many devastating natural catastrophes, governmental
responses were, historically, reactive rather than preventive. The US Army was the
only federal institution involved for a long time. Natural catastrophes only started
being considered a matter of national security with the US House of Representatives’
Committee on Flood Control in , and it took until before the Administration
of President Jimmy Carter created the Federal Emergency Management Agency
(FEMA) to bring all aspects of disaster relief under the responsibility of one federal
organization.15 Four decades later, most disaster relief worldwide remains ex post.
Much still remains to be done to lessen the impacts of disasters. The same observation
applies to many insurance companies. The effects of global warming appear relatively
slow, and this has allowed insurers to react by gradually adapting premium levels. In
the long run, however, this is unlikely to be a viable solution. Reinsurers, by definition,
have to take a long-term view; consequently, they were among the first to consider the
effects of global warming a long-term threat to the industry, and presented policy
papers at the First Conference of the Parties to the Framework Convention on Climate
Change in Berlin in .16
The American political scientist Virginia Haufler posits that there has been a big
difference in European and North American responses to climate change. She argues
that European insurers, led by reinsurers, have been more proactive in addressing
climate change.17 She attributes this to a European public leadership in such issues, a
European tradition of businesses accepting ‘a larger role in social issues [ . . . ] because
of a history of corporatism, social welfare, and high expectations from society’, and the
fact that European rather than North American reinsurers often bear the brunt of
North American natural catastrophe losses. Also, she argues that European insurers are
better at perceiving the financial opportunities from climate change actions, such as
insuring carbon footprints, than their North American counterparts.18 However, the
13
Financial Times Special Report, April . 14
Haufler (, ).
15
See Rivera and Miller () or Mener ().
16
SRCA Accession . See also Haufler (, –).
17
This is confirmed by a report published by Ceres () Insurer Climate Risk Disclosure Survey
Report & Scorecard: Findings & Recommendations: <http://www.ceres.org/resources/
reports/insurer-climate-risk-disclosure-survey-report-scorecard--findings-recommendations/
view> (accessed July ).
18
Haufler (, ).
NIELS VIGGO HAUETER AND GEOFFREY JONES
European reinsurance industry has not been unanimous about climate change and its
direct effects on natural catastrophes.19
The new millennium brought about a plethora of new and renewed risks, from asset
price collapses to an increase in natural catastrophes and armed conflicts. One risk, the
threat of terrorism, suddenly loomed larger than any other both in the reinsurance world
and in public perception. The / terrorist attack on New York City was by far the
largest man-made catastrophe in history. But, oddly, the turn of the millennium was
marked by one of the largest risks that never materialized, the so-called YK or
millennium bug, which was thought to upset computer systems as the years or
could not be distinguished anymore when abbreviated to . The risk was far
overrated and goes to show that public and even professional risk perception may at
times be far from reality. What society considers the greatest risks may not always be the
ones which are at the top of reinsurers’ watch lists. Climate change and natural
catastrophes appear to be a constant in risk perception in recent decades. Perceptions
of other risks appear to be shorter lived. Since , the World Economic Forum (WEF)
at Davos has monitored how risks are rated in terms of impact and likelihood and what
risk trends can be identified.20 Within less than ten years, the perception of certain
likelihoods of risks has changed considerably, while the perception of how severe their
impacts are has changed less. The first report, published in , reflected on the risks
which had made headlines in the course of : Hurricane Katrina, the terrorist attack
on the London Underground during the G talks, the oil price spike with the price of a
barrel of oil going over USD , as well as a United Nations (UN) warning that a virus
such as HN could kill up to million people. All of these risks were perceived to be
high in terms of likelihood. Ten years later, some of these risks appeared to be less
threatening. Despite Ebola and Zika, pandemics were not perceived as very likely (albeit
having a potentially large impact). Oil prices spent much of below USD a barrel.
Fracking of natural shale gas and oil shale reserves in the USA had completely shifted the
cost basis and political economy of world petroleum. Next to extreme weather events and
interstate conflict, there has been another constant. Threats to the economy have been on
top of the impact scale throughout all but the most recent of the ten reports, which listed
a water crisis and the spread of an infectious disease as having the potentially highest
impacts. A collapse of asset price was considered the top risk in terms of impact from
to . In and , a fiscal crisis ranked highest, and in and , it
was a major systemic financial failure. In , however, it was interstate conflict which
was seen as the most likely global threat.
These reports appear to show a global society which has become worried mainly
about televised risks and their financial impact. Traffic accidents in almost all countries,
however, continue to kill more people than armed conflicts, and while the latter do
have many more repercussions, traffic, with millions of injuries per year, poses a more
19
Johnson (, ).
20
WEF (World Economic Forum) (ed.) (–) Global Risks. Geneva: World Economic Forum.
INTRODUCTION: RISK AND REINSURANCE
real and direct threat to most people in advanced societies.21 But despite a long list of
threats, most people in today’s societies live a safer life than their predecessors. One
reason why people do not perceive driving a car or even smoking a major threat is that
there seems to be a much higher acceptance of self-inflicted risks. This is in line with a
historically increasing tendency to accept risk taking as a basis for modern societies,22
while acceptance of risks inflicted by others or by external circumstances has declined.
Insurance plays an important role in this worldview. People who are insured against
something perceive it to be less threatening. In some cases, insurance clients may take
this security to extremes. The direct insurance industry in particular has been blamed
for encouraging people to take on too much risk, inducing them to so-called moral
hazard. But where does moral hazard start? Some people want to live in San Francisco,
on the slopes of Mount Vesuvius, or below sea level in the Netherlands. People lived in
areas exposed to natural catastrophes long before the advent of insurance and reinsur-
ance. They relied on alternative risk hedging within their communities or charity from
the church or charitable organizations. If insurance is morally hazardous are the village
community and the church also? In theory, insurance and reinsurance per se are
morally hazardous. The very reason to take out insurance is to become able to assume
risks beyond what we can or want to carry ourselves. The industry tries to tackle the
problem by requiring that an insurable interest can be identified. As soon as people
with insurance start wishing for a loss which will be compensated, moral hazard is felt.
But moral hazard does not necessarily involve morality. Insurance in general builds on
some of the main causes for market failure, such as information asymmetries,
principal–agent problems, and externalities. These exist independently of insurance.
Decision-making often happens with a basic acceptance of such possible failures. This
means that moral hazard can also be seen as a purely economic function.23
The German sociologist Niklas Luhmann sought to differentiate between risk and
danger. He suggested that risk can only come about if there is a human, conscious
decision involved. In primitive societies natural catastrophes are pure danger, while a
human decision to begin farming turns them into risks. The invention of risk man-
agement, according to Luhmann, makes risk-free life impossible. He illustrated this
in his famous umbrella analogy: before the invention of umbrellas rain was just a
danger. The umbrella turned rain into a risk which could be protected against but
brought about another risk, that of forgetting the umbrella. The implication is that
civilized societies are increasingly risk exposed while constantly getting more sophis-
ticated at managing risks. Insurance and, with it, reinsurance can be seen as the cost
of civilization.
21
‘Nearly , People Die on the World’s Roads Every Day’ according to WHO: <http://www.who.
int/violence_injury_prevention/road_traffic/en/> (accessed September ). The overall death toll of
the twenty deadliest conflicts in was c.,.
22
See Bonβ (, ). 23
E.g. Pauly ().
NIELS VIGGO HAUETER AND GEOFFREY JONES
. T H E B U S I N E S S R E S P O N S E TO RISK
..................................................................................................................................
Apart from company portraits, insurance history has not produced an abundance of
literature, much less has the history of reinsurance.24 This is not surprising given that
reinsurance has, in the best sense of the word, been an invisible trade for most of its
existence.25 It was only towards the end of the twentieth century that the public profile
of reinsurers began to rise after investor relations had become important and the public
started taking more interest in risk issues such as natural catastrophes. The function of
reinsurance was historic, however, though it has been remarkably slow in changing.26
With few exceptions it has always been an adaptive rather than an innovative industry.
Early forms of sharing insured risks were known already in medieval Genoa. But there
is disagreement over whether this qualified as reinsurance rather than co-insurance.27
As the British economic historian Clive Trebilcock noted in his pioneering work on the
history of Phoenix Assurance, the ‘line between allocated co-insurance and facultative
reinsurance may be rather fine’.28
Reinsurance co-existed along co-insurance and subscription insurance in European
marine insurance during the seventeenth and eighteenth centuries, as Pearson
describes in Chapter , but was probably not widely used, especially after the ban in
England in . These early forms were based on reinsuring individual larger risks,
so-called facultative reinsurance. There was, however, no apparent need to found
marine reinsurance companies as this sector had developed an efficient co-insurance
system. Also, facultative reinsurance was a comparatively simple affair in shipping,
24
Pioneering works in insurance history include Arps (a, b, , ); Trebilcock (,
); and Feldman (). The first history of reinsurance was written by Golding (); Hollitscher
() was the first to collect historical data from several countries and to apply economic analysis to the
industry (our thanks to Robin Pearson for this reference); van der Haegen () was the first to give a
condensed overview of the historical development of reinsurance practices, markets, and economies—
albeit short it may still be regarded as the best-informed historical essay on reinsurance so far—; and
Gerathewohl et al. () dedicated a long chapter to the subject. The history of Munich Re by Bähr and
Kopper was published in .
In this series of three volumes on the history of insurance and reinsurance Borscheid and Haueter
() provided the first global history of insurance markets; James (a) (together with Borscheid,
Gugerli, and Straumann) gave an overview of the history of reinsurance and the history of Swiss Re;
while the third in this series looks at the history of risk from the perspective of reinsurance.
25
This means that public sources are scarce. Also corporate sources are not easily accessible. In
addition, corporate reporting in reinsurance on an annual basis distorted respective yearly results as the
business had to be assessed over much longer periods. What makes a quantitative history of overall
reinsurance virtually impossible is the fact that many alternative forms existed in the secondary risk
market, such as co-insurance, reciprocal insurance, or risk pools. Much of such data was never recorded.
26
For an overview of reinsurance before the foundation of independent reinsurance companies see
Mossner ().
27
The oldest reinsurance-like contract dates from . Mossner (, –).
28
Trebilcock (, ).
INTRODUCTION: RISK AND REINSURANCE
where each voyage required individual insurance and a closed network of actors had
access to relevant risk intelligence.
So, why were reinsurance companies needed and why was this need most felt in the
German-speaking part of the world?29 As Kyrtsis argues in Chapter , the Industrial
Revolution not only brought about larger risks, but also increased the number of
smaller and mid-size insured risks, especially in fire insurance. Individually reinsuring
these made no sense and insurers were looking for efficient ways of ceding entire
portfolios.30 Reinsuring these portfolios with their competitors implied unwanted
disclosure of business, while reinsuring with non-competing foreign insurers meant
that premium capital left the country. This was the business opportunity which the first
dedicated reinsurers seized.
The main reason to found reinsurance companies was of a financial nature. Both the
Kölnische Rückversicherungsgesellschaft (Cologne Re), the first ever independent
reinsurer,31 and the Schweizerische Rückversicherungsgesellschaft (Swiss Re), in their
foundation proposals, stressed the importance of keeping premium capital and reserves
within their national economies.32 Promoting the financial argument may have mainly
served the purpose of convincing local investors. But the importance of reinsurance for
national economies was also considered a major factor by others, including the
modernizing Russian finance minister Count Sergei Witte. During the s, Witte
initiated the foundation of the country’s first reinsurance company with the main
purpose of bolstering the country’s entry into the gold standard. As Kyrtsis suggests,
the Prussian government also was well aware of the importance of reinsurance to
support the local fire insurance industry against British dominance. A wave of natio-
nalizations and state foundations of reinsurance, which started in the early twentieth
century, further suggests that modernizing national states had a vital interest in the
reinsurance business.
Professional reinsurance was to become the main financial service that was never to
be dominated by the English-speaking world, even though it hosted its largest markets.
The fact that Germany became the birthplace of the first dedicated reinsurance
companies can possibly best be explained by the failures of Great Britain and the
USA, the two largest insurance markets at the time, to take the market lead.
29
See Tables A. and A. in Appendix for early foundations by country.
30
Reinsuring entire portfolios came up in the s, see Chapters and , this volume, and became
known as treaty reinsurance as it was binding the parties over a longer time. It also took the name of
obligatory reinsurance as each risk in the portfolio was binding. See Mossner (, –) for a
discussion of the first treaties.
31
Cologne Re’s foundation date usually refers to the licence given in . The articles of association
had been set up already in but, due to political and economic instabilities, the company only started
doing business in .
32
Neither mentioned the need to reinsure against devastating catastrophes such as the
Hamburg Fire and the Glarus Fire, which are often quoted as the reasons for the two companies
being founded. For a discussion see Gugerli (, ).
NIELS VIGGO HAUETER AND GEOFFREY JONES
Reinsurance appears to have been used by British companies mainly outside of
Britain.33 Piggybacking on other insurers’ ventures in new markets was also an efficient
way to collect intelligence about foreign markets.34 But the success of large British fire
insurers, the thriving co-insurance practices, as well as the ban on marine reinsurance
between and , which had made Lloyd’s the main market for business that
would otherwise have gone to reinsurers, all help to explain why there was scarcely any
perceived need for an independent British reinsurance industry. As Pearson shows in
Chapter , the British market also had little positive experience with reinsurance after a
wave of unsuccessful foundations in the s and a series of heavy losses in foreign
markets. Similar to Britain, the USA had developed a co-insurance market, and many
states entertained close ties with the London market and Lloyd’s. But founding
dedicated reinsurers was also complicated by the legal fragmentation of the states
and the requirement for mono-line companies, which prevented spreading risks by
category. The bulk of pure reinsurance business was being serviced from continental
Europe, as became evident with the San Francisco Earthquake in .
While the success of British fire insurers may have been one of the detriments for
expanding British reinsurance, German fire insurance provided a better basis for
developing a reinsurance industry. The German fire market was more heterogeneous
than Britain’s, with smaller companies and a slow shift from state-owned fire societies,
which did not need reinsurance, to private enterprises, which were more dependent on
finding reinsurance than their British counterparts.
The German-speaking world soon came to dominate the world reinsurance markets.
Firms based in either Germany or Switzerland have held this position ever since. As of
, the two countries accounted for over per cent of global gross premium
written.35 The supply of reinsurance today still appears oddly distributed. Switzerland
alone writes about the same amount of premiums as the entire Americas. Europe,
including London, writes over per cent. Except for the addition of Bermuda and
Asia Pacific (AP) not that much has changed in over years of reinsurance supply.36
This concentration is even more astonishing in that, for most of the almost years of
professional reinsurance history, the largest part of the world markets were served by
only two leading companies—Munich Re and Swiss Re. In , Alfred Manes, a
pioneer in modern insurance studies, wrote that ‘German reinsurers [ . . . ] control the
reinsurance markets of the world.’37 This started changing dramatically only one year
33
‘Most obviously, reinsurance was a means of diluting and spreading risk, foreign risk, lying under
strange suns and ruled by unfamiliar customs, often needed diluting and spreading more than their
homespun counterparts.’ Trebilcock (, ).
34
Trebilcock (, –).
35
The numbers here refer to what is often called ‘professional reinsurance’.
36
AP and Bermuda each write about per cent of global business today. See Figure A. in Appendix.
37
Manes (, ), quoted in Arps (, ). Domination of German reinsurance started
provoking politically influenced reactions with the outbreak of war, especially in London, which was
heavily dependent on German reinsurance. Germany at the time tried to get less dependent on London
market and London in return tried to get less dependent on German reinsurance. Manes later even went
INTRODUCTION: RISK AND REINSURANCE
later. Global supply and demand of reinsurance were severely disrupted with the world
wars. Supply shifted to hard currency countries and demand to soft currency markets.
A country as (apparently) unlikely as Denmark briefly rose to become number two in
reinsurance export surplus in the world next to Switzerland, also thanks to two major
Russian reinsurers having defected there.38
The two world wars also seriously challenged the business model of reinsurers, as the
absence of German reinsurers from major markets such as the USA caused severe
capacity problems. This was, to a large degree, absorbed by Swiss Re, which almost
singlehandedly conducted the bulk of professional global business during the world wars
and the decade following the Second World War, while Munich Re expanded its home
market. Britain had managed to build a significant reinsurance industry, especially after
the return to the gold standard in , albeit predominantly with composite compan-
ies.39 The leading British reinsurance company at the time, Mercantile & General, was
owned by Swiss Re. Another resort to deal with the capacity shortage was reciprocity,
which became known as ‘exchanging one’s dirty washing’. Exchanging rather than co-
insuring risks between insurers was also a convenient and popular way to circumvent
capital transfers, as shown in Chapter by Capie. From the s until well after the
Second World War, reciprocity was considered the main threat to global reinsurance by
professional reinsurers. As the leading reinsurance journal noted: ‘Professional reinsur-
ance has [ . . . ] had to move up to the second floor.’40 But, as was later stated: ‘[reinsurers]
mirabili [sic] dictu manage to survive’.41 The main threats from the war were thus
indirect, but nevertheless resulted in questioning the business model of reinsurance.
The poor business logic of reciprocity started giving way to professional reinsurance
again once capacity had been re-established with the German market re-entry.
Britain and the USA again failed to take the market lead, while the German
reinsurance industry was isolated during the world wars. Equally, during the first
half of the s, a rival organization of mainly German and Italian reinsurers, joined
by Swiss Re, failed to take over the business of Lloyd’s in fascist-dominated markets.42
as far as seeing the First World War as also being a war against German reinsurance. Manes (, ),
quoted in Arps (, ).
38
The companies Rossiya and Salamandra also left behind what Mira Wilkins has termed orphan
companies in the USA, but the headquarters were run from Copenhagen. See Haegen (, –).
39
The Review, November , . As reinsurance business was not always reported separately,
and reciprocity agreements in particular did not appear in reports at all, the overall size of reinsurance
business done by non-professional and composite insurers is impossible to assess.
40
The Review, , .
41
The Review, , . The Review also commented: ‘The different functions of professional and
non-professional reinsurers might be defined as thus: The professional reinsurer has to look for and
identify chance fluctuations in international economics which it is his task to even-out by international
spread. On the other hand, the task of the non-professional reinsurer is to get compensation for an
exaggerated outflow of financial strength by exchanging the uncertainties of his own portfolio for other
uncertainties deemed of lesser magnitude.’ The Review, , .
42
Borscheid (c, ). Bähr and Kopper (, –). Swiss Re’s membership was probably
designed not to jeopardize its significant German business during the war.
NIELS VIGGO HAUETER AND GEOFFREY JONES
Table 1.1 Total net premiums in reinsurance by country, 1950 (GBP m)
Countries No. of companies Premium
United States 23 61.6
Switzerland 5 42.9
West Germany* 6 19.0
Britain 4 11.6
France 6 10.2
Denmark 5 7.2
Algeria (French) 1 5.0
Brazil 1 2.6
Italy 3 2.6
Norway 1 2.5
Sweden 3 2.1
Czechoslovakia 1 1.9
Chile 1 1.5
Japan 1 1.4
Tangiers (International Zone) 1 1.1
Turkey 1 0.9
Netherlands 1 0.7
Argentina 1 0.6
Total 61 163.80
* German reinsurers only starting reporting reliable results from 1953 on.
List not complete, and possibly the focus on premium and not number of companies
led to omissions, such as Israel.
Source: The Review, Annual Reinsurance Number, 7 December 1951, 1143.
The USA were hesitant to do without German insurance and reinsurance services at
the start of the First World War.43 Only after the Second World War did US insurers
slowly start extending their local reinsurance industry as they took over reinsurance
business from German companies.44 Helped also by the requirements for mono-line
business being eroded in the s, the USA, as Table . shows, did manage to become
the largest reinsurance hub by premium written and number of reinsurance companies
in the world, although the industry was not home-grown.
The American reinsurance industry found it difficult to internationalize. A large
home market made global efforts less of a requirement, while the devaluation of the US
dollar in the s attracted more European reinsurers, pushing the country into the
demand side again, as Capie shows in Chapter . Urgent attempts during the s at
creating an US reinsurance market modelled on Lloyd’s failed rather miserably, mainly
43
A day after US entry into war, Washington declared that German reinsurers should be allowed to
carry on their US business ‘as if we were not at war with Germany’ (Arps , ). Some months later
this was revoked by fear of reinsurance bordereaux being used for espionage.
44
The Review, , . Most earlier reinsurance foundations were by European parent companies.
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mutton kidneys à la Française, 213
Oxford receipt for mutton kidneys, 214
oyster patties, 359
oyster sausages, 87
patties à la pontife and à la cardinale, 360
pork cutlets, 251
rissoles, 387
salmis of game, 292, 294
savoury croquettes of rice, 386
savoury rissoles, 387
sausages and chestnuts, 262
scallops of fowl au béchamel, 277
Sefton, a, or veal custard, 362
small pain de veau, or veal cake, 222
spring stew of veal, 224
stewed beef-steak, 189
stewed calf’s feet, 228
stewed duck, 278
stewed leg of lamb, with white sauce, 245
stewed ox-tails, 195
stewed tongue, 203
sweetbread cutlets, 227
sweetbreads, stewed, fricasseed, or roasted, 227
truffled sausages, or saucisses aux truffles, 263
veal cutlets, 225
veal cutlets or collops, à la Française, 226
veal cutlets à l’Indienne, or Indian fashion, 225
veal cutlets à la mode de Londres, or London fashion, 226
veal fricasseed, 231
minced, 230
vol-au-vent, 357
small vols-au-vents, 374
Entremets, apfel krapfen (German receipt), 373
apple cake, or German tart, 362
apple calf’s feet jelly, 464
Charlotte, 486
apple custards, 482
apple, peach, or orange fritters, 384
apple hedgehog, or Suédoise, 480
apple tarts, 363
apricot blamange, 479
arocē docē, or sweet rice à la Portugaise, 489
asparagus points, dressed like peas, 319
barberry tart, 364
Bermuda witches, 491
blamanges (various), 476-479
Entremets, Black caps, par excellence, 460
boiled custards, 481
brioche fritters, 384
buttered cherries, or cerises au beurre, 490
calf’s feet jelly, 461, 463
canellons, 385
canellons of brioche paste, 385
cauliflowers à la Française, 326
cauliflowers with Parmesan cheese, 325
Chantilly basket, 474
Charlotte à la Parisienne, 487
chocolate custard, 483
cocoa-nut cheese cakes, 371
compote of peaches, 459
compotes (various) of fruit, 457, 458
constantia jelly, 467
creamed tartlets, 375
crême à la Comtesse, or the Countess’s cream, 472
croquettes of rice, 385
croquettes of rice, finer, 386
croustades, or sweet patties à la minute, 387
cucumbers à la crême, 324
cucumbers, à la poulette, 324
currant jelly tartlets or custards, 375
custards (baked), 483
custards (various), 481, 484
dressed maccaroni, 392
fairy fancies, 368
fanchonettes, 374
forced eggs, or eggs en surprise, 447
French beans à la Française, 321
gâteau of mixed fruits, 461
gâteau de pommes, 460
gâteau de riz, 433
gâteau de semoule, 430
genoises à la Reine, 366
German puffs, 484
Gertrude à la crême, 487
green peas à la Française, 320
green peas with cream, 321
imperial gooseberry fool, 480
Italian creams, 475
jaumange, or jaune manger, 477
Jerusalem artichokes à la Reine, 338
lemon calf’s feet jelly, 467
lemon creams, 475
lemon fritters, 384
lemon sandwiches, 374
lemon sponge, 480
lemon tartlets, 372
lobster au béchamel, 89
lobster salad, 142
Louise Franks’ citron soufflé, 378
Madame Werner’s Rosenvik cheese cakes, 372
Madeleine puddings, 432
Meringue of pears, 486
Meringues, 550, 551
mincemeat fritters, 383
mince pies, 369
mince pies royal, 370
monitor’s tart, 370
moulded rice, or sago, and apple-juice, 422
mushroom-toast, 330
mushrooms au beurre, 329
Nesselróde pudding, 491
omlette aux fines herbes, 380
omlette soufflée, 381
orange calf’s feet jelly, 434
orange fritters, 384
orange isinglass jelly, 465
oranges filled with jelly, 466
pancakes, 382
pastry sandwiches, 374
plain common fritters, 381
pommes au beurre, or buttered apples, 488
potatoes à la Maître d’Hôtel, 315
potato boulettes, 314
potato fritters, 384
potato-ribbons, 313
potted meats, 303
prawns, 93
pudding-pies, 371
Queen Mab’s summer pudding,[195] 470
quince blamange, 478
ramakins à l’Ude, 375
raspberry puffs, 375
rice à la Vathek, 440
salad of lobster, 142
sea-kale, 316
sea-kale stewed in gravy, 316
scooped potatoes, 312
spinach à l’Anglaise, 317
spinach (French receipt), 316
stewed celery, 341
strawberry blamange, 477
strawberry isinglass jelly, 468
strawberry tartlets, 375
suédoise of peaches, 488
sweet carrots, 336
sweet casserole of rice, 438
sweet maccaroni, 490
Swiss cream, or trifle, 473
tartlets of almond paste, 367
tipsy cake, or brandy trifle, 474
tourte meringuée, 363
trifle (excellent), 473
truffles à l’Italienne, 331
truffles à la serviette, 331
turnips in white sauce, 334
Venetian fritters, 383
Vol-au-vent à la crême, 358
Vol-au-vent of fruit, 358
Vols-au-vent, small, à la Parisienne, 374
Epicurean sauce, 151
Eschalots, to pickle, 537
to serve with venison, 284
Eschalot sauce, mild, 127
vinegar, 152
wine, 153
Espagnole, or Spanish sauce, 100
with wine, 100
Fairy Fancies (fantaisies de fées), 368
Fanchonnettes (entremets), 374
Fancy jellies, 469
Fermentation of bread, 604
Feuilletage, or fine puff paste, 345
Figs, stewed, 492
Fillets of mackerel boiled, 71
of mackerel, fried or broiled, 71
of mackerel stewed in wine, 72
of soles, 65
of whitings, 68
Fillet of mutton, 238
of veal au béchamel, with oysters, 215
of veal, boiled, 217
of veal, roast, 216
Finnan haddocks (to dress), 74
Fish, to bake, 55
boiled, to render firm, 54
brine, for boiling, 54
best mode of boiling, 53
to choose, 48
to clean, 50
cooking, mode of, best adapted to different kinds of, 51
fat for frying, 55
to keep, 51
to keep hot for table, 56
to know when cooked, 55
to sweeten when tainted, 51
salt, to boil, 62
salt, à la Maître d’Hôtel, 63
salt, in potato-pasty, 350
shell, dishes of, 85
Flead, or fleed crust, 347
Flavouring, for sweet dishes, 456
Flounders, to boil, and fry, 75
Flour, browned, for thickening soups, &c., 131
Flour of potatoes (fecule de pommes de terre), 154
of rice, 154
Fondu, a, 379
Forced turkeys’ or swans’ eggs, 447
turkey, 268
Forcemeats, general remarks on, 156
Forcemeat balls for mock turtle, No. 11, 161
chestnut, No. 15, 162
Mr. Cooke’s for geese or ducks, No. 10, 161
good common, for veal, turkeys, &c., No. 1, 157
another good common, No. 2, 157
French, an excellent, No. 16, 163
French, called quenelles, No. 17, 163
for hare, No. 8, 160
mushroom, No. 7, 159
oyster, No. 5, 159
oyster, finer, No. 6, 159
for raised, and other cold pies, No. 18, 164
common suet, No. 4, 158
superior suet, No. 3, 158
Fourneau économique, or portable French furnace, 494, 495
Fowl, a, to bone, without opening it, 265
to bone, another way, 265
Fowl, to bone, for fricassees, &c., 266
to broil, 274
à la Carlsfors, 273
fried, à la Malabar (entrée), 276
hashed, 276
minced (French and other receipts), 277
minced, French receipt (entrée), 276
roast (French receipt), 273
to roast a, 272
scollops of, au béchamel, 278
Fowl-Guinea, to roast a, 273
Fowl, wild, 294
salmi of, 294
Fowls à la mayonnaise, 278
to bone, for fricassees, curries, and pies, 266
boiled, 274
cutlets of, English (entrée), 275
fricasseed, 275
cold, fritot of, 277
cold, grillade of, 278
French batter, for frying fruit, vegetables, &c., 130
melted butter, 109
breakfast cake, or Sally Lunn, 549
crust, for hot or cold pies, 347
receipt for boiling a ham, 258
Maître d’Hôtel sauce, 116, 117
rice pudding, 433
partridges, 290
semoulina pudding, 430
salad, 140
salad dressing, 140
salmi, or hash of game, 292
thickening, or roux, 106
beans, à la Française, 321
beans, an excellent receipt for, 322
beans, to boil, 321
Fresh herrings (Farleigh receipt for), 74
Fricandeau of veal, 223
Fried anchovies in batter, 84
bread-crumbs, 131
bread for garnishing, 131
canellons, 385
cod-fish, slices of, 61
Jerusalem artichokes, 338
mackerel, 70
parsnips, 337
potatoes, 313
salsify, 341
soles, 64
Fritters, apple, apricot, orange, or peach, 384
brioche, 384
cake, 382
lemon, 384
mincemeat (very good), 383
orange, 384
plain, common, 381
of plum pudding, 382
potato, 384
of spring fruit (rhubarb), 383
Venetian, 383
Fruit, to bottle for winter use, 522
creams, 475
en chemise, 570
isinglass jellies, 464-469
to weigh the juice of, 498
directions for preserving, 496
remarks on preserved, 493
stewed, 456-459
tart, with royal icing, 363
Frying, general directions for, 176
Galantine of chicken, 266
Galette, 557
Game, to choose, 281
directions for keeping, 281
gravy of, 289
hashes of, 292, 294
Gar-fish, to broil or bake, 77
Garlic, mild ragout of, 126
vinegar, 152
Gâteau of mixed fruits, 461
de pommes, 460
de semoule, or French semoulina pudding, 430
de riz, or French rice pudding, 433
Geneva buns, or rolls, 601
Genevese sauce, 117
Genoises à la Reine, or her Majesty’s pastry, 366
German puffs, 484
pudding, 412
pudding sauce (delicious), 413
yeast, observations on, 598
Gertrude à la Crême, 487
Gherkins, to pickle, 532
to pickle, French receipt, 533
Ginger biscuits, cheap, 560
bread, 553
bread, Acton, 552
bread, cocoa-nut, 553
bread, thick, light, 551
candy, 565
oven cakes, 552
wine (excellent), 584
Glaze, to make, 104
Glaze, to, pastry, 345
Glazing, directions for, 182
for fine pastry and cakes, 345
Goose, to deprive of its strong odour, Obs: 271
to roast, 271
to roast a green, 271
Gooseberries, to bottle for tarts, 499
dried, with sugar, 499
dried, without sugar, 501
Gooseberry jam, red, 500
jam, very fine, 500
jelly, 500, 501
paste, 501
pudding, 435, 408, 420
sauce for mackerel, 120
Grape jelly, 520
Gravies, to heighten the colour and flavour of, 96
introductory remarks on, 84
shin of beef stock for, 97
Gravy, good beef or veal (English receipt), 99
Baron Liebig’s beef (most excellent), 96
rich brown, 99
Gravy cheap, for a fowl, 101
another cheap, 102
curried, 302
Espagnole, highly-flavoured, 100
Espagnole with wine, 100
for a goose, 102
in haste, 101
jus des rognons, or kidney gravy, 101
orange, for wild fowl, 102
veal, rich, deep-coloured, 98
veal, rich, pale, or consommé, 97
for venison, plain, 99
for haunch of venison, 283
rich, for venison, 100
sweet sauce, or gravy, for venison, 100
soup, or stock, clear, pale, 10
soup, cheap, clear, 11
soup, another receipt for, 10
Gray hen, to roast, 291
Green goose, to roast, 271
mint sauce, 132
mint vinegar, 152
orange plum, preserve of, 514
peas, à la Française, 320
peas, with cream, 321
pea-soup, cheap, 40
peas-soup, excellent, 39
peas-soup, without meat, 39
Greengage jam, or marmalade, 515
Groseillée, 513
Ground rice puddings, 435
in pudding-pies, 371
Grouse, to roast, 292
salmi of, 292
Guava, English, 520
strawberry jelly, which resembles, 505
Guinea-fowl, to roast, 273
Gurnards, to dress in various ways, 74
Haddocks, baked, 73
to boil, 73
Finnan, to dress, 74
to fry, 73
Ham, to bake a, 258
to boil a, 256
to boil a (French receipt), 253
potted, excellent, 304
Hams, Bordyke receipt for, 256
to garnish and ornament in various ways, 257
to pickle, 254
superior to Westphalia (Monsieur Ude’s receipt), 255
genuine Yorkshire receipt for, 253
Hamburgh pickle, for hams, beef, and tongues, 197
another pickle, for hams, beef, and tongues, 197
Hare, to choose, 282
forcemeat for, No. 8, 160
sweet gravy for, 284
in pie, 352
potted, 307
to roast, 284
to roast, superior receipt, 285
soup, superlative, 32
soup, a less expensive, 32
stewed, 286
Haricots blancs, 338
Harrico, Norman 224
Hashed bouilli, 206
calf’s head, 213
fowl, 276
venison, 284
Hash, a, of cold beef or mutton (excellent), 205
common, of cold beef or mutton, 205
cheap, of calf’s head, 213
Norman, 206
Haunch of mutton, to roast, 234
of venison, to roast, 282
Herrings, fresh (Farleigh receipt), 74
red, à la Dauphin, 84
red, common English mode, 84
Iced pudding, Nesselrôde, 491
Ice, advantage of, for jellies, fine paste, &c., 575
Ices, observations on, 575
currant, 576
raspberry, 576
strawberry, 576
Icing, for tarts, &c., 345
white or coloured, for fine pastry, or cakes, 543
Imperatrice plums, to dry, 521
very fine marmalade of, 521
Imperial gooseberry fool, 480
Imperials, 545
Indian Burdwan, 612
common currie, 299
curried fish, 615
lobster cutlets, 611
pilaw, 614
corn, to boil, 329
Ingoldsby Christmas pudding, 416
Ingredients, which may all be used in making soups, 1
Invalid’s, the, new baked apple pudding, 608
Irish stew, 242
Isinglass to clarify, 454
jelly, Constantia, 467
jelly, orange, 465
jelly, strawberry, and other fruit, 505-508
Italian creams, 475
jelly, 470
meringues, 551
modes of dressing maccaroni, 391-393
pork cheese, 260
Jack-bottle, 170
spring, 170
Jam, apricot, or marmalade, 516
barberry, 526
cherry, 502
currant, best black, 512
currant, black, 511
currant, red, superlative, 509
currant, white, a beautiful preserve, 510
damson, 519
gooseberry, red, 500
gooseberry, very fine, 500
green gooseberry, 499
greengage, 515
of mixed fruits, 483
of Mogul plums, 515
peach (or nectarine), 518
raspberry, 506
raspberry, very good, red or white, 507
raspberry, very rich, 506
rhubarb, 498
strawberry, 504
Jaumange, or jaune manger, called also Dutch flummery, 477
Jellies, calf’s feet stock for, 453
to clarify calf’s feet stock for, 454
to clarify isinglass for, 454
fancy, 469
meat, for pies and sauces, 103
cheaper meat, 103
Jelly apple, 522
apple, exceedingly fine, 523
apple, calf’s feet, 464
barberry, 527
calf’s feet, 461, 462
calf’s feet, modern varieties of, 463
calf’s feet, strawberry, 468
lemon, calf’s feet, 467
orange, calf’s feet, 464
orange isinglass, 465
orange, very fine, 465
orange, Seville, very fine, 530
Constantia, 467
black currant, common, 511
black currant, fine, 511
currant, red, 508
currant, red, French, 509
red currant, superlative (Norman receipt), 509
currant, white, very fine, 510
damson, 519
green gooseberry, 498
ripe gooseberry, 500, 501
red grape, 520
guava, English, 520
to extract the juice of plums for, 497
mussel plum, 516
quince, 525
raspberry, 507, 508
rhubarb isinglass, 468
Siberian crab, 526
tartlets, or custards, 375
strawberry, very fine, 505
John Dories, small, baked (author’s receipt), 58
John Dory, to boil a, 58
Jewish almond pudding, 608
table, general directions for the, 609
cookery, remarks on, 606
sausage, or Chorissa, 607
smoked beef, 606
Julep, mint (American), 582
Jumbles, 556
Kale, sea, to boil, 316
stewed in gravy (entremets), 316
Kater’s, Captain, receipt for boiling potatoes, 312
Kedgerse (an Indian breakfast dish), 612
Kentish, receipt for cutting up and curing a
pig, 254
suet pudding, 407
Kidneys, mutton, à la Française, 243
mutton, to broil, 244
mutton, Oxford receipt for, 244
Kidney, beef, to dress, 204, 205
Kohl-cannon, or Kale-cannon (Irish receipt), 315
Lait, du, à Madame, 451
Lady’s, the, sauce for fish, 117
Lamb, cutlets, in their own gravy, 246
cutlets, with Soubise sauce, 216
cutlets of cold, 246
leg of, with white sauce, 245
roast loin of, 245
loin of, stewed in butter, 246
to roast a quarter of, 244
roast saddle of, 245
sauce for, 132
Landrail, to roast, 291
Lard, to melt, 248
to preserve unmelted, for many months, 248
to, a pheasant, 287
Larding, general directions for, 181
Larding-needles, 181
Lardoons, 181
Leeks, to boil, 318
Lemonade, delicious, milk, 583
excellent, portable, 583
Lemon, calf’s feet jelly, 467
creams, 475
dumplings, 421
fritters, 384
jelly, calf’s feet, 467
pickle, or catsup, 150
pudding, an excellent, 426
sandwiches, 374
sponge, or moulded cream, 480
suet pudding, 427
tartlets, 372
Lemons in mincemeat, 368, 369
to pickle, 534, 538
Lettuces, in mayonnaise of fowls, 278
stewed, 319
in salads, 140, 141
Liebig’s, Baron, directions for boiling, 53
for roasting, 171
beef gravy, 96
extract of beef, 6
Limes, to pickle, 538
Liver, calf’s, to roast, 229
stoved, or stewed, 228
Lobsters, to boil, 88
boudinettes of (author’s receipt), 92
Lobster, or crab, buttered, 89
butter, 138
cutlets (a superior entrée), 91
cutlets, Indian, 611
cold dressed, 88
fricasseed, or au béchamel, 89
hot, 89
patties, common, 359
patties, superlative, 359
potted, 90
salad, 142
sausages, 91
Luncheon cake, 555
Macaroons, almond, 544
cocoa-nut (very fine), 545
orange-flower, 544
Macaroncini, to boil and to choose, 390
Maccaroni, Genoa, to boil, 391
Neapolitan, to boil, 391
ribbon (or lazanges), to boil, 391
to choose, and other Italian pastes, 390
to dress à la Reine, 393
to dress in various ways, 392
with gravy, 392
ribbon, 391
soup, 13
sweet, 490
Mackerel, to bake, 69
baked (Cinderella’s receipt, good), 70
to boil, 69
broiled whole, 71
fillets of, boiled, 71
fillets of, broiled or fried, 71
fillets of, stewed in wine (excellent), 72
fried (French receipt), 70
stewed with wine, 72
Madeira cake, 548
Madeleine puddings, to serve cold, 432
Magnum bonum plums, to dry or preserve, 515
Mai-Trank (German), 620
Maître d’Hôtel sauce, cold, 133
sauce, French, 116
sauce, maigre, 117
sauce, sharp (English receipt for), 116
Majesty’s, her, pastry, 366
pudding, 410
Mandrang, or mandram, West Indian receipt, 323
another receipt for, 323
Mangoes, lemon, 538
peach, 534
Marmalade, apple, for Charlotte, 487
apricot, 516
barberry, 527
Imperatrice plum, 521
orange (Portuguese receipt), 527
clear (author’s receipt), 529
orange, genuine Scotch receipt for, 528
peach, 518
pine-apple, superior (a new receipt), 513
quince, 524
quince and apple, 525
Marrow bones, baked, 208
to boil, 207
Marrow, clarified, to keep, 208
vegetable, to dress in various ways, 327
Mashed, artichokes, Jerusalem, 338
carrots, 336
parsnips (see turnips), 333
potatoes, 313
potatoes, crust of, for pasty, 350
turnips (an excellent receipt for), 333
Mayonnaise, a delicious sauce to serve with cold meat, &c., 135,
136
French, 617
Swiss, 617
Mayor’s, the Lord, soup, 17
soup (author’s receipt for), 18
Meat, jellies for, pies, 104
pies, crust for, 347, 348
puddings, 399-401
rolls, excellent, 360
Mélange of fruit for rice-crust, 570
or mixed preserve, 513
Melon, to serve with meat, 325
sweet pickle of, to serve with roast meat (good), 534
Melted butter, 108, 109
Meringue of pears, or other fruit, 486
of rhubarb, or gooseberries, 485
Meringues, 550
Italian, 551
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