Insurance is a concept, a technique, and an ecomic institution. It is a major tool of risk management, and plays an important role in the ecomic, social, and political life of all countries. Ecomic growth throughout the world has even expanded the role of insurance. Theory and Practice of Insurance aims to describe the significance of insurance institutions, the reasons they exist and how they function. The author emphasizes fundamental principles in risk and insurance, using an international frame of reference. This volume begins with an introduction to the concept of risk, then proceeds to cover insurance and its relationship to the ecomy; the principles of risk management and insurance; and the characteristics and performance of insurance companies.