Expansion

In the wake international trade and with the help of emigration the new insurance concept spread globally. It initially met with open markets, especially in the British-dominated regions but also partly chose to and partly was forced to restrict itself to doing business mainly with expatriates. In the nineteenth century, other countries started to adopt the concept and Japan, in particular, soon developed a sophisticated market of its own. The spread of the industry was, however, increasingly hindered by a number of factors. Indigenous populations in countries such as India, China, and Latin American countries continued to rely on traditional forms of risk-hedging. In some countries, insurance was rejected on the grounds of religious belief. Also, the rise of nationalism and protectionism established serious impediments for multinational insurers. The late nineteenth century was also the time when reinsurance gradually started to come into its own.

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