Historical Development of Risk Management

Economically, the Crown did not provide as much assistance as needed to the colonists of the New World. Trade involved mainly countries other than England, because this way profits were maximized. England, once again, created its colonies for mercantilist reasons: profits and only profits. In reaction to these trade schemes, the Navigation Acts were enforced. Smuggling then grew extremely popular mainly because of price differences and simple convenience. Agriculturally, the main crops were indigo, sugarcane, tobacco, cotton, and rice. Due to high demand, several workers were needed. Through the Triangular trade, raw materials went to England and the Northern Colonies, slaves came to the plantation-dominated areas of the colonies, and manufactured goods went to the West Indies. Molasses was turned into rum in New England and traded for more slaves as well.

Due to the growing economic activity in the colonies both locally and amongst each other as well as all of the external trade, the local and colonial

In the 1700s Britain established the British East India Company to create more profitable trade around the world. It became one of the most powerful mercantile organizations by creating and maintaining a monopoly on many exotic goods including cotton, silk, tea, and spices transferred to Britain. As it grew in power the company began to develop its own standing military, which established further control of the region and its peoples. Once Britain had fully taken control they began to implement changes, these changes had both positive and negative

Throughout the New World many British colonies were established for various reasons. A few of those reasons being for religious freedom, farming, and gold. The way that certain colonies would succeed and develop depended on geographical factors. Eventually some colonies would flourish through farming, seaport trade, or industry.

The British colonies in America began not by the government but as profit seeking corporations. King James chartered a joint-stock enterprise as a religious mission to convert the Indians to Christianity but a lot of their intentions were motivated by the lure of profit. They were looking for a source of gold and other minerals, products like wine, citrus fruits and olive oil, and forest products.

Benjamin Franklin helped to establish in 1752, what it would be the first mutual insurance company. For many years, the United States government never considered necessary to incorporate a system that would compensate their citizens in case any injury, accident or loss happen to them. It wasn’t until 1735 the first underwrote fire insurance company was created; in Charleston, South Carolina. Underwrite insurance companies are the ones, that analyze all the risk of insuring a particular person or asset and uses that information to set a premium pricing for insurance policies. But it took 20 years to create the first mutual insurance company, one in which policyholders would come together to share the risk.

The Great African Land Race: Expanding European Territory Since the 1500’s, Europeans have been utilizing Africa as a center for trading and slavery. But in the early 1880’s, Africa became more of an interest to Europeans like King Leopold who wanted to expand their control over the world. The rush to conquer the mysterious continent began. Many factors caused Europeans to take part in land grabbing; however, the largest force driving Europeans towards imperialism in Africa was the desire for power through riches and natural African resources, which allowed Europeans to expand their economy and territory. Europeans quickly began to seize as much land as they could in Africa in order to win the great race for power.

Parliament made certain products cheaper for consumers by paying for a portion of their production with tax revenue. British merchants also extended generous credit to colonists. By subsidizing British goods, these products were cheaper for colonists. This limited the competition in the colonies because British goods were so much cheaper. Credit also made colonists more likely to buy products that they otherwise would have to save up for and consider carefully. Subsidized goods and an abundance of credit influenced colonists into buying British products, therefore supporting the British

business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within

With the trade being more lucrative the growth of the colonies was quite rapid and satisfying their reason for seeking the new world. The increasing presence of colonist

In the 19th century a lot of technology was created in the world, the amount of new inventions popping up started the industrial revolution, this was no different in Africa. The british built business off of

A variety of health plans have existed in one form or another for hundreds of years; history is able to show that medieval guilds collected fees from guild members with a portion of those funds going towards care for the sick. The beginning of modern insurance as we know it today can be traced back to regional cooperatives, as well as the inception of the Baylor plan, which was the impetus for the creation of Blue Cross.

Next, Geico’s marketing element of place needs to be reviewed. Geico originally started with marketing its insurance in Washington, D.C. where there was a large concentration of government employees. In 1964, Geico Insurance became publicly traded and expanded its insurance offerings. Now, Geico Insurance is offered in all states. Geico implements this element of the marketing mix with a direct channel of distribution. The product or service goes from Geico directly to the customer. This unique approach is used by Geico as most insurance companies in the industry use agents to sell their product.

Among the five forces of competition; existing competitive rivalry between suppliers, threat of new market entrants, bargaining power of buyers, power of suppliers and threat of substitute products, the most significant for UnitedHealth Group are threats for substitute products and rivalry among competing firms. Given the fact that there are numerous healthcare insurance firms in the world; there are also a number of substitutes for the corporation products and services. In recent years, the banking industry has become involved in insurance activities. They provide some medical plans, which act as substitutes to the UnitedHealth Group products. Banc assurance, otherwise known as the bank insurance model, is a very common phenomenon in this global world. Banc assurance is an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base. This type of partnership can be profitable for both, the bank and the insurance company. Banks can earn additional revenue by selling the insurance products and insurance companies are

Modern African states have several problems ranging from corruption, to armed conflict, to stunted structural development. The effects of colonialism have been offered as a starting point for much of the analysis on African states, but the question of why African states are particularly dysfunctional needs to be examined, given the extent to which they have lagged behind other former European colonies in many aspects. In the first section, I will consider the problems with African states from the level of the state. That is, the nature of the states' inceptions and the underlying flaws may explain some of the issues that have been associated with African states today. Next I examine the development of, or lack of, civil