Insurance is a means of protection from financial loss. It is a form of risk management used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as a policyholder; the insurance transaction involves the insured assuming a guaranteed and known small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship; the insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the Policyholder for the coverage set forth in the insurance policy is called the premium.
If the insured experiences a loss, covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing; the Babylonians developed a system, recorded in the famous Code of Hammurabi, c. 1750 BC, practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen, or lost at sea. Circa 800 BC, the inhabitants of Rhodes created the'general average'.
This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether due to storm or sinkage. Separate insurance contracts were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates; the first known insurance contract dates from Genoa in 1347, in the next century maritime insurance developed and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in Enlightenment era Europe, specialized varieties developed. Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses; the devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for'the Insurance Office' in his new plan for London in 1667."
A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established the first fire insurance company, the "Insurance Office for Houses," at the back of the Royal Exchange to insure brick and frame homes. 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growing importance as a center for trade was increasing demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house, which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, those willing to underwrite such ventures; these informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. The first life insurance policies were taken out in the early 18th century; the first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen.
Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based."In the late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on a tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state.
In Britain more extensive legislation was introduced by the Liberal government in the 1911 National Insurance Act. This gave the British working classes the first contributory system of insurance against illness and unemployment; this system was expanded after the Second World War under the inf
Stockholm is the capital of Sweden and the most populous urban area in the Nordic countries. The city stretches across fourteen islands. Just outside the city and along the coast is the island chain of the Stockholm archipelago; the area has been settled since the Stone Age, in the 6th millennium BC, was founded as a city in 1252 by Swedish statesman Birger Jarl. It is the capital of Stockholm County. Stockholm is the cultural, media and economic centre of Sweden; the Stockholm region alone accounts for over a third of the country's GDP, is among the top 10 regions in Europe by GDP per capita. It is an important global city, the main centre for corporate headquarters in the Nordic region; the city is home to some of Europe's top ranking universities, such as the Stockholm School of Economics, Karolinska Institute and Royal Institute of Technology. It hosts the annual Nobel Prize ceremonies and banquet at the Stockholm Concert Hall and Stockholm City Hall. One of the city's most prized museums, the Vasa Museum, is the most visited non-art museum in Scandinavia.
The Stockholm metro, opened in 1950, is well known for the decor of its stations. Sweden's national football arena is located north of the city centre, in Solna. Ericsson Globe, the national indoor arena, is in the southern part of the city; the city was the host of the 1912 Summer Olympics, hosted the equestrian portion of the 1956 Summer Olympics otherwise held in Melbourne, Australia. Stockholm is the seat of the Swedish government and most of its agencies, including the highest courts in the judiciary, the official residencies of the Swedish monarch and the Prime Minister; the government has its seat in the Rosenbad building, the Riksdag is seated in the Parliament House, the Prime Minister's residence is adjacent at Sager House. Stockholm Palace is the official residence and principal workplace of the Swedish monarch, while Drottningholm Palace, a World Heritage Site on the outskirts of Stockholm, serves as the Royal Family's private residence. After the Ice Age, around 8,000 BC, there were many people living in what is today the Stockholm area, but as temperatures dropped, inhabitants moved south.
Thousands of years as the ground thawed, the climate became tolerable and the lands became fertile, people began to migrate back to the North. At the intersection of the Baltic Sea and lake Mälaren is an archipelago site where the Old Town of Stockholm was first built from about 1000 CE by Vikings, they had a positive trade impact on the area because of the trade routes they created. Stockholm's location appears in Norse sagas as Agnafit, in Heimskringla in connection with the legendary king Agne; the earliest written mention of the name Stockholm dates from 1252, by which time the mines in Bergslagen made it an important site in the iron trade. The first part of the name means log in Swedish, although it may be connected to an old German word meaning fortification; the second part of the name means islet, is thought to refer to the islet Helgeandsholmen in central Stockholm. According to Eric Chronicles the city is said to have been founded by Birger Jarl to protect Sweden from sea invasions made by Karelians after the pillage of Sigtuna on Lake Mälaren in the summer of 1187.
Stockholm's core, the present Old Town was built on the central island next to Helgeandsholmen from the mid-13th century onward. The city rose to prominence as a result of the Baltic trade of the Hanseatic League. Stockholm developed strong economic and cultural linkages with Lübeck, Gdańsk, Visby and Riga during this time. Between 1296 and 1478 Stockholm's City Council was made up of 24 members, half of whom were selected from the town's German-speaking burghers; the strategic and economic importance of the city made Stockholm an important factor in relations between the Danish Kings of the Kalmar Union and the national independence movement in the 15th century. The Danish King Christian II was able to enter the city in 1520. On 8 November 1520 a massacre of opposition figures called the Stockholm Bloodbath took place and set off further uprisings that led to the breakup of the Kalmar Union. With the accession of Gustav Vasa in 1523 and the establishment of a royal power, the population of Stockholm began to grow, reaching 10,000 by 1600.
The 17th century saw Sweden grow into a major European power, reflected in the development of the city of Stockholm. From 1610 to 1680 the population multiplied sixfold. In 1634, Stockholm became the official capital of the Swedish empire. Trading rules were created that gave Stockholm an essential monopoly over trade between foreign merchants and other Swedish and Scandinavian territories. In 1697, Tre Kronor was replaced by Stockholm Palace. In 1710, a plague killed about 20,000 of the population. After the end of the Great Northern War the city stagnated. Population growth halted and economic growth slowed; the city was in shock after having lost its place as the capital of a Great power. However, Stockholm maintained its role as the political centre of Sweden and continued to develop culturally under Gustav III. By the second half of the 19th century, Stockholm had regained its leading economic role. New industries emerged and Stockholm was transformed into an important trade and service centre as well as a key gateway point within Sweden.
The population grew during this time through immigration. At the end
Sweden the Kingdom of Sweden, is a Scandinavian Nordic country in Northern Europe. It borders Norway to the west and north and Finland to the east, is connected to Denmark in the southwest by a bridge-tunnel across the Öresund, a strait at the Swedish-Danish border. At 450,295 square kilometres, Sweden is the largest country in Northern Europe, the third-largest country in the European Union and the fifth largest country in Europe by area. Sweden has a total population of 10.2 million. It has a low population density of 22 inhabitants per square kilometre; the highest concentration is in the southern half of the country. Germanic peoples have inhabited Sweden since prehistoric times, emerging into history as the Geats and Swedes and constituting the sea peoples known as the Norsemen. Southern Sweden is predominantly agricultural, while the north is forested. Sweden is part of the geographical area of Fennoscandia; the climate is in general mild for its northerly latitude due to significant maritime influence, that in spite of this still retains warm continental summers.
Today, the sovereign state of Sweden is a constitutional monarchy and parliamentary democracy, with a monarch as head of state, like its neighbour Norway. The capital city is Stockholm, the most populous city in the country. Legislative power is vested in the 349-member unicameral Riksdag. Executive power is exercised by the government chaired by the prime minister. Sweden is a unitary state divided into 21 counties and 290 municipalities. An independent Swedish state emerged during the early 12th century. After the Black Death in the middle of the 14th century killed about a third of the Scandinavian population, the Hanseatic League threatened Scandinavia's culture and languages; this led to the forming of the Scandinavian Kalmar Union in 1397, which Sweden left in 1523. When Sweden became involved in the Thirty Years War on the Reformist side, an expansion of its territories began and the Swedish Empire was formed; this became one of the great powers of Europe until the early 18th century. Swedish territories outside the Scandinavian Peninsula were lost during the 18th and 19th centuries, ending with the annexation of present-day Finland by Russia in 1809.
The last war in which Sweden was directly involved was in 1814, when Norway was militarily forced into personal union. Since Sweden has been at peace, maintaining an official policy of neutrality in foreign affairs; the union with Norway was peacefully dissolved in 1905. Sweden was formally neutral through both world wars and the Cold War, albeit Sweden has since 2009 moved towards cooperation with NATO. After the end of the Cold War, Sweden joined the European Union on 1 January 1995, but declined NATO membership, as well as Eurozone membership following a referendum, it is a member of the United Nations, the Nordic Council, the Council of Europe, the World Trade Organization and the Organisation for Economic Co-operation and Development. Sweden maintains a Nordic social welfare system that provides universal health care and tertiary education for its citizens, it has the world's eleventh-highest per capita income and ranks in numerous metrics of national performance, including quality of life, education, protection of civil liberties, economic competitiveness, equality and human development.
The name Sweden was loaned from Dutch in the 17th century to refer to Sweden as an emerging great power. Before Sweden's imperial expansion, Early Modern English used Swedeland. Sweden is derived through back-formation from Old English Swēoþēod, which meant "people of the Swedes"; this word is derived from Sweon/Sweonas. The Swedish name Sverige means "realm of the Swedes", excluding the Geats in Götaland. Variations of the name Sweden are used in most languages, with the exception of Danish and Norwegian using Sverige, Faroese Svøríki, Icelandic Svíþjóð, the more notable exception of some Finnic languages where Ruotsi and Rootsi are used, names considered as referring to the people from the coastal areas of Roslagen, who were known as the Rus', through them etymologically related to the English name for Russia; the etymology of Swedes, thus Sweden, is not agreed upon but may derive from Proto-Germanic Swihoniz meaning "one's own", referring to one's own Germanic tribe. Sweden's prehistory begins in the Allerød oscillation, a warm period around 12,000 BC, with Late Palaeolithic reindeer-hunting camps of the Bromme culture at the edge of the ice in what is now the country's southernmost province, Scania.
This period was characterised by small bands of hunter-gatherer-fishers using flint technology. Sweden is first described in a written source in Germania by Tacitus in 98 AD. In Germania 44 and 45 he mentions the Swedes as a powerful tribe with ships that had a prow at each end. Which kings ruled these Suiones is unknown, but Norse mythology presents a long line of legendary and semi-legendary kings going back to the last centuries BC; as for literacy in Sweden itself, the runic script was in use among the south Scandinavian elite by at least the 2nd century AD, but all that has come down to the present from the Roman Period is curt inscriptions on artefacts of male names, demonstrating th
A cooperative is "an autonomous association of persons united voluntarily to meet their common economic and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise". Cooperatives may include: businesses owned and managed by the people who use their services organizations managed by the people who work there multi-stakeholder or hybrid cooperatives that share ownership between different stakeholder groups. For example, care cooperatives where ownership is shared between both care-givers and receivers. Stakeholders might include non-profits or investors. Second- and third-tier cooperatives whose members are other cooperatives platform cooperatives that use a cooperatively owned and governed website, mobile app or a protocol to facilitate the sale of goods and services. Research published by the Worldwatch Institute found that in 2012 one billion people in 96 countries had become members of at least one cooperative; the turnover of the largest three hundred cooperatives in the world reached $2.2 trillion.
Cooperative businesses are more economically resilient than many other forms of enterprise, with twice the number of co-operatives surviving their first five years compared with other business ownership models. Cooperatives have social goals which they aim to accomplish by investing a proportion of trading profits back into their communities; as an example of this, in 2013, retail co-operatives in the UK invested 6.9% of their pre-tax profits in the communities in which they trade as compared with 2.4% for other rival supermarkets. Since 2002 cooperatives and credit unions could be distinguished on the Internet by use of a.coop domain. Since 2014, following International Cooperative Alliance's introduction of the Cooperative Marque, ICA cooperatives and WOCCU credit unions can be identified by a coop ethical consumerism label. Cooperation dates back as far. Tribes were organized as cooperative structures, allocating jobs and resources among each other, only trading with the external communities.
In alpine environments, trade could only be maintained in organized cooperatives to achieve a useful condition of artificial roads such as Viamala in 1472. Pre-industrial Europe is home to the first cooperatives from an industrial context; the roots of the cooperative movement can extend worldwide. In the English-speaking world, post-feudal forms of cooperation between workers and owners that are expressed today as "profit-sharing" and "surplus sharing" arrangements, existed as far back as 1795; the key ideological influence on the Anglosphere branch of the cooperative movement, was a rejection of the charity principles that underpinned welfare reforms when the British government radically revised its Poor Laws in 1834. As both state and church institutions began to distinguish between the'deserving' and'undeserving' poor, a movement of friendly societies grew throughout the British Empire based on the principle of mutuality, committed to self-help in the welfare of working people. In 1761, the Fenwick Weavers' Society was formed in Fenwick, East Ayrshire, Scotland to sell discounted oatmeal to local workers.
Its services expanded to include assistance with savings and loans and education. In 1810, Welsh social reformer Robert Owen, from Newtown in mid-Wales, his partners purchased New Lanark mill from Owen's father-in-law David Dale and proceeded to introduce better labour standards including discounted retail shops where profits were passed on to his employees. Owen left New Lanark to pursue other forms of cooperative organization and develop coop ideas through writing and lecture. Cooperative communities were set up in Glasgow and Hampshire, although unsuccessful. In 1828, William King set up a newspaper, The Cooperator, to promote Owen's thinking, having set up a cooperative store in Brighton; the Rochdale Society of Equitable Pioneers, founded in 1844, is considered the first successful cooperative enterprise, used as a model for modern coops, following the'Rochdale Principles'. A group of 28 weavers and other artisans in Rochdale, England set up the society to open their own store selling food items they could not otherwise afford.
Within ten years there were over a thousand cooperative societies in the United Kingdom. Other events such as the founding of a friendly society by the Tolpuddle Martyrs in 1832 were key occasions in the creation of organized labor and consumer movements. Friendly Societies established forums through which one member, one vote was practiced in organisation decision-making; the principles challenged the idea that a person should be an owner of property before being granted a political voice. Throughout the second half of the nineteenth century there was a surge in the number of cooperative organisations, both in commercial practice and civil society, operating to advance democracy and universal suffrage as a political principle. Friendly Societies and consumer cooperatives became the dominant form of organization amongst working people in Anglosphere industrial societies prior to the rise of trade unions and industrial factories. Weinbren reports that by the end of the 19th century, over 80% of British working age men and 90% of Australian working age men were members of one or more Friendly Society.
From the mid-nineteenth century, mutual organisations embraced these ideas in economic enterprises, firstly amongst tradespeople, in cooperative stores, educational institutes, financial institutions and industrial enterprises. The common thread (enacte