Tag Archives: historical risk

The Middle Ages: The Role of Commerce and Insurance in Risk Management

The Middle Ages was a period of significant transformation in commerce, trade, and risk management. With the expansion of trade routes and the growing complexity of financial transactions, merchants and traders faced numerous uncertainties, including piracy, shipwrecks, and fluctuating market conditions. These challenges necessitated the development of innovative mechanisms for risk mitigation, many of which laid the foundation for modern financial and insurance systems.

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Antiquity: Early Intuitions of Risk

Risk, as we understand it today, was not a formalized concept in antiquity. Instead, it was deeply rooted in survival instincts and the need to navigate an unpredictable world. Ancient civilizations relied on rituals, divination, and early forms of governance to mitigate uncertainty and prepare for the unknown. These efforts, though primitive by modern standards, reflect the human desire to manage risks in the face of natural and societal challenges.

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