Abstract
The paper is written on the occasion of the 25th anniversary of the International Association for the Study of Insurance Economics, known as “The Geneva Association”. It reviews the evolution of insurance economics, by first recalling the situation in 1973, then presenting the developments and new approaches which flourished since then. The paper argues that these developments were only possible because steady advances were made in the economics of risk and uncertainty and in financial theory. Insurance economics has grown in importance to become a central theme in modern economics, providing not only practical examples to illustrate new theories, but also inspiring new ideas of relevance for the general economy.
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