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91-734: The Islamic Insurance Company , also known as the FISO-TAKAFUL , is a private insurance firm based in Mogadishu , Somalia . The Islamic Insurance Company was founded in December 2014. It is the first full service insurance firm to be established in Somalia in over 20 years. The company offers life, vehicle and property insurance to local businesses and individuals, in accordance with Islamic insurance tenets ( takaful ). It also aims to provide Sharia -compliant insurance products throughout
182-684: A Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for
273-416: A contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. 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 which is potentially covered by the insurance policy,
364-592: A sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner . In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia ("Rhodian law"). It articulates
455-477: A siege tower called Helepolis that weighed 360,000 lb (163,293 kg). Despite this engagement, in 304 BC after only one year, he relented and signed a peace agreement, leaving behind a huge store of military equipment. The Rhodians sold the equipment and used the money to erect a statue of their sun god, Helios , the statue since called the Colossus of Rhodes . The Rhodians celebrated in honour of Helios
546-458: A claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for
637-448: A claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel") counsel, monitor litigation that may take years to complete, and appear in person or over
728-601: A combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of
819-455: A company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e.,
910-407: 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 , while a person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in
1001-752: A grand festival, the Halieia . Throughout the 3rd century BC, Rhodes attempted to secure its independence and commerce, particularly its virtual control over the grain trade in the eastern Mediterranean. Both of these goals depended on none of the three great Hellenistic states achieving dominance. Consequently, the Rhodians pursued a policy of maintaining a balance of power among the Antigonids, Seleucids, and Ptolemies, even if that meant going to war with its traditional ally, Egypt. To this end, they employed their economy and their excellent navy as leverage, which
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#17327718320701092-413: A minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be " indemnified " against the loss covered in
1183-506: A modern society. The island suffered through many "governors" appointed by the Italian government. As such, in 1938, the "Leggi razziali" (Racial Laws) were passed, mimicking the footsteps of the antisemitic policies promoted in other European countries. All Jews who served in the government, including the military, were forced to resign, school children were forced to abandon their studies, and all commerce that included any dealings with Jews
1274-453: A more active role in loss mitigation, such as through building codes . According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than
1365-631: A premium paid independently of loans began in Belgium about 1300 AD. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of 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 widely, and premiums were varied with risks. These new insurance contracts allowed insurance to be separated from investment,
1456-697: A relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to "green light" approved activities and events, "yellow light" activities and events which require insurer consultation and/or waivers of liability, and "red light" activities and events which are prohibited and outside
1547-556: A separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to
1638-399: A staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so,
1729-649: 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 National Insurance Act 1911 . This gave the British working classes
1820-572: A univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums. A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with
1911-405: Is Rhodes, jump here!" (as translated from Ancient Greek "Αὐτοῦ γὰρ καὶ Ῥόδος καὶ πήδημα"), an admonition to prove one's idle boasts by deed, rather than boastful talk. It comes from an Aesop's fable called " The Boasting Traveller " and was cited by Hegel , Marx , and Kierkegaard . In 395 with the division of the Roman Empire , the long Byzantine period began for Rhodes. In Late Antiquity ,
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#17327718320702002-508: Is one of the most popular tourist destinations in Europe. The island has been known as Ρόδος (Ródos) in Greek throughout its history. Similar-sounding ῥόδον ( rhódon ) in ancient Greek was the word for the rose, whilst in modern Greek the also similar-sounding ρόδι ( ródi ) or ρόιδο ( róido ) refers to the pomegranate. It was also called Lindos ( Ancient Greek : Λίνδος ). In addition,
2093-409: Is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates,
2184-426: Is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by
2275-621: The Angeloi emperors (1185–1204), in the first half of the 13th century, Rhodes became the centre of an independent domain under Leo Gabalas and his brother John , until it was occupied by the Genoese in 1248–1250. The Genoese were evicted by the Empire of Nicaea , after which the island became a regular province of the Nicaean state (and after 1261 of the restored Byzantine Empire). In 1305,
2366-606: The Bronze Age collapse , the first renewed outside contacts were with Cyprus . In Greek legend, Rhodes was claimed to have participated in the Trojan War under the leadership of Tlepolemus . In the 8th century BC, the island's settlements started to form, with the coming of the Dorians , who built the three important cities of Lindus , Ialysus and Camirus , which together with Kos , Cnidus and Halicarnassus (on
2457-680: 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
2548-742: The Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . The ancient Greeks had marine loans. Money
2639-693: The Palace of the Grand Master , were built during this period. The walls had been strengthened by the Knights through hiring Italian engineers that used knowledge of ballistics to design defences against gunpowder attacks, and which withstood the attacks of the Sultan of Egypt in 1444, and a siege by the Ottomans under Mehmed II in 1480. Eventually, however, Rhodes fell to the large army of Suleiman
2730-591: The Turkish Consul Selahattin Ülkümen succeeded, at considerable risk to himself and his family, in saving 42 Jewish families, about 200 persons in total, who had Turkish citizenship or were members of Turkish citizens' families. On 8 May 1945, the Germans under Otto Wagener surrendered Rhodes as well as the Dodecanese as a whole to the British, who soon after then occupied the islands as
2821-617: The general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). The law of general average is the fundamental principle that underlies all insurance. In 1816, an archeological excavation in Minya, Egypt produced
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2912-590: The Aegean and western Anatolia and Antiochus' plan for Egypt. Heading a coalition of small states, the Rhodians checked Philip's navy , but not his superior army. Without a third power to which to turn, the Rhodians (along with ambassadors from Pergamum, Egypt, and Athens) appealed in 201 BC to the Roman Republic . Despite being exhausted by the Second Punic War against Hannibal (218–201 BC)
3003-651: The Aegean was cemented through the organization of the Cyclades into the Second Nesiotic League under Rhodian leadership. The Romans withdrew from Greece after the end of the conflict, but the resulting power vacuum quickly drew in Antiochus III and subsequently the Romans. The Roman–Seleucid War lasted from 192 to 188 BC with Rome, Rhodes, Pergamon, and other Roman-allied Greek states defeated
3094-639: The Arabs in 673 as part of their first attack on Constantinople . When their fleet was destroyed by Greek fire before Constantinople and by storms on its return trip, however, the Umayyads evacuated their troops in 679/80 as part of the Byzantine–Umayyad peace treaty. In 715 the Byzantine fleet dispatched against the Arabs launched a rebellion at Rhodes, which led to the installation of Theodosios III on
3185-630: The Athenian architect Hippodamus . In 357 BC, the island was conquered by the king Mausolus of Caria ; then it fell again to the Persians in 340 BC. Their rule was also short. Rhodes then became a part of the growing empire of Alexander the Great in 332 BC, after he defeated the Persians. Following the death of Alexander, his generals ( Diadochi ) vied for control of the kingdom. Three — Ptolemy , Seleucus , and Antigonus — succeeded in dividing
3276-530: The Athenian rhetorician Aeschines , who formed a school at Rhodes; Apollonius of Rhodes , who wrote about Jason and Medea in the Argonautica ; the observations and works of the astronomers Hipparchus and Geminus ; and the rhetorician Dionysius Thrax . Its school of sculptors developed, under Pergamese influence, a rich, dramatic style that can be characterized as " Hellenistic Baroque ". Agesander of Rhodes , with two other Rhodian sculptors, carved
3367-830: The Byzantine throne. From the early 8th to the 12th centuries, Rhodes belonged to the Cibyrrhaeot Theme of the Byzantine Empire, and was a centre for shipbuilding and commerce. In c. 1090, it was occupied by the forces of the Seljuk Turks , after the long period of chaos resulting from the Battle of Manzikert . Rhodes was recaptured by the Emperor Alexios I Komnenos during the First Crusade . As Byzantine central power weakened under
3458-652: The Greek Orthodox community of ritually murdering a Christian boy. This became known as the Rhodes blood libel . Austria opened a post-office at RHODUS (Venetian name) before 1864, as witnessed by stamps with Franz Joseph 's head. In 1912, Italy seized Rhodes from the Ottomans during the Italo-Turkish War . Being under Italian administration, the island's population was thus spared the "exchange of
3549-467: The Magnificent in December 1522. The Sultan deployed 400 ships delivering 100,000 men to the island (200,000 in other sources). Against this force the Knights, under Grand Master Philippe Villiers de L'Isle-Adam , had about 7,000 men-at-arms, with an English, Spanish, French, and Italian contingent each defending separate areas and their fortifications. The siege lasted six months, at the end of which
3640-628: The Mediterranean and Rhodian autonomy was ultimately dependent upon good relations with them. Those good graces soon evaporated in the wake of the Third Macedonian War (171–168 BC). In 169 BC, during the war against Perseus , Rhodes sent Agepolis as ambassador to the consul Quintus Marcius Philippus , and then to Rome in the following year, hoping to turn the Senate against the war. Rhodes remained scrupulously neutral during
3731-594: The Mediterranean and in use throughout Byzantine times (and influencing the development of admiralty law up to the present). In 622/3, during the climactic Byzantine–Sasanian War of 602–628 , Rhodes was captured by the Sasanian navy . Rhodes was occupied by the Islamic Umayyad forces of Caliph Muawiyah I in 654, who carried off the remains of the Colossus of Rhodes. The island was again captured by
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3822-710: The Orientalizing Rhodian jewelry, dated in the 7th and early 6th centuries BC. The Persians invaded and overran the island, but they were in turn defeated by forces from Athens in 478 BC. The Rhodian cities joined the Athenian League . When the Peloponnesian War broke out in 431 BC, Rhodes remained largely neutral, although it remained a member of the League. The war lasted until 404 BC, but by this time Rhodes had withdrawn entirely from
3913-539: The Rhodians because the islanders were the only people they had encountered who were more arrogant than themselves. After surrendering its independence, Rhodes became a cultural and educational center for Roman noble families. It was especially noted for its teachers of rhetoric, such as Hermagoras and the unknown author of Rhetorica ad Herennium . At first, the state was an important ally of Rome and enjoyed numerous privileges, but these were later lost in various machinations of Roman politics. Cassius eventually invaded
4004-634: The Romans agreed to intervene, still angry over the Macedonian alliance with Carthage that had led to the First Macedonian War from 214 to 205 BC. The Senate saw the appeal from Rhodes and her allies as the opportunity to pressure Philip. The result was the Second Macedonian War (200–196 BC), which Rome won and greatly reduced Macedon's power, prestige, and territory. Rhodian independence was preserved. Rhodian influence in
4095-518: The Seleucids and their allies, the last Mediterranean power that might even vaguely threaten Roman dominance. Having provided Rome with valuable naval help in her first foray into Asia, the Rhodians were rewarded with territory and enhanced status by the Treaty of Apamea (188 BC). The Romans once again evacuated the east – the Senate preferred clients to provinces – but it was clear that Rome now ruled
4186-681: The Sun" due to its patron sun god Helios, "The Pearl Island", and "The Island of the Knights", named after the Knights of Saint John of Jerusalem , who ruled the island from 1310 to 1522. Historically, Rhodes was famous for the Colossus of Rhodes , one of the Seven Wonders of the Ancient World . The Medieval Old Town of the City of Rhodes has been declared a World Heritage Site . Today, it
4277-643: The city of Heliopolis and taught the Egyptians astrology . In the second half of the 8th century BC, the sanctuary of Athena received votive gifts that are markers for cultural contacts: small ivories from the Near East and bronze objects from Syria. At Kameiros on the northwest coast, a former Bronze Age site, where the temple was founded in the 8th century BC, there is another notable contemporaneous sequence of carved ivory figurines. The cemeteries of Kameiros and Ialyssos yielded several exquisite exemplars of
4368-461: The conflict and decided to go their own way. Being the eastern gate to the Aegean Sea, Rhodes was an important stopping point for Phoenician merchants, and prosperous trading colonies and Phoenician communities emerged there, some within the Greek cities. In 408 BC, the cities united to form one territory . They built the city of Rhodes , a new capital on the northern end of the island. Its regular plan was, according to Strabo , superintended by
4459-446: The 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, including 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. Life insurance policies were taken out in
4550-618: 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 . Upon the same principle, 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
4641-454: The event of general average. In 1873 the "Association for the Reform and Codification of the Law of Nations", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the "International Law Association" in 1895. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on
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#17327718320704732-400: The famous Laocoön group , now in the Vatican Museums , and the large sculptures rediscovered at Sperlonga in the villa of Tiberius , probably in the early Imperial period . In 305 BC, Antigonus directed his son, Demetrius , to besiege Rhodes in an attempt to break its alliance with Egypt. Demetrius created huge siege engines , including a 180 ft (55 m) battering ram and
4823-434: The first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which
4914-408: The first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 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 growth as a centre for trade was increasing due to
5005-419: The float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . Claims and loss handling
5096-410: The form of a payment to the insurer (a premium) 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. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives
5187-447: The insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at
5278-774: The insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take
5369-420: The insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risks, especially if
5460-409: The insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to
5551-408: The investments in the London Stock Exchange . In 2007, U.S. industry profits from float totaled $ 58 billion. In a 2009 letter to investors, Warren Buffett wrote, "we were paid $ 2.8 billion to hold our float in 2008". In the United States , the underwriting loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But overall profit for the same period
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#17327718320705642-414: The island and sacked the city. In the early Imperial period Rhodes became a favorite place for political exiles. In the 1st century AD, the Emperor Tiberius spent a brief term of exile on Rhodes. By tradition, Paul the Apostle evangelized and helped establish an early Christian church on the island during the first century. In ancient times there was a Roman saying: " Hic Rhodus, hic salta !"—"Here
5733-430: The island forms a separate municipality within the Rhodes regional unit , which is part of the South Aegean administrative region . The principal town of the island and seat of the municipality is the city of Rhodes , which had 50,636 inhabitants in 2011. In 2022, the island had a population of 125,113 people. It is located northeast of Crete and southeast of Athens . Rhodes has several nicknames, such as "Island of
5824-517: The island has been called Rodi in Italian , Rodos in Turkish , and רודי (Rodi) or רודיס (Rodes) in Ladino . Other ancient names were Ρόδη (Rodē), Τελχινίς ( Telchinis ) and Ηλιάς (Helias). The Travels of Sir John Mandeville incorrectly reports that Rhodes was formerly called "Collosus", through a conflation of the Colossus of Rhodes and Paul 's Epistle to the Colossians , which refers to Colossae . The island's name might be derived from erod , Phoenician for snake, since
5915-410: The island was given as a fief to Andrea Morisco , a Genoese adventurer who had entered Byzantine service. In 1306–1310, the Byzantine era of the island's history came to an end when the island was occupied by the Knights Hospitaller . Under the rule of the newly named "Knights of Rhodes", the city was rebuilt into a model of the European medieval ideal. Many of the city's famous monuments, including
6006-419: The island was home to many snakes in antiquity. The island was inhabited in the Neolithic period although little remains of this culture. In the 16th century BC, the Minoans came to Rhodes. Later Greek mythology recalled a Rhodian race called the Telchines and associated the island of Rhodes with Danaus ; it was sometimes nicknamed Telchinis . In the 15th century BC, Mycenaean Greeks invaded. After
6097-503: The island was the capital of the Roman province of the Islands , headed by a praeses ( hegemon in Greek), and encompassing most of the Aegean islands , with twenty cities. Correspondingly, the island was also the metropolis of the ecclesiastical province of Cyclades, with eleven suffragan sees. Beginning from ca. 600 AD, its influence in maritime issues was manifested in the collection of maritime laws known as " Rhodian Sea Law " ( Nomos Rhodion Nautikos ), accepted throughout
6188-441: The island, mainly in the capital "Rodi", while some of them founded farm villages (like "Peveragno Rodio" (1929), "Campochiaro" (1935), "San Marco" (1936) and "Savona" (1938): in 1940 the creation of the " Provincia italiana di Rodi " in the Dodecanese islands was officially proposed. In the late 1930s, Mussolini embarked on a program of Italianization , attempting to make the island of Rhodes a transportation hub that would facilitate
6279-463: The kingdom among themselves. Rhodes formed strong commercial and cultural ties with the Ptolemies in Alexandria , and together formed the Rhodo-Egyptian alliance that controlled trade throughout the Aegean in the 3rd century BC. The city developed into a maritime, commercial and cultural center; its coins circulated nearly everywhere in the Mediterranean. Its famous schools of philosophy, science, literature and rhetoric shared masters with Alexandria:
6370-404: 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. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in
6461-443: The loss and out of pocket costs including, with the permission of the insurer, claim expenses. Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy,
6552-612: The losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Risk which can be insured by private companies typically share seven common characteristics: When
6643-402: The mainland) made up the so-called Dorian Hexapolis (Greek for six cities). In Pindar 's ode, the island was said to be born of the union of Helios the sun god and the nymph Rhodos , and the cities were named for their three sons. The rhoda is a pink hibiscus , native to the island. Diodorus Siculus added that Actis , one of the sons of Helios and Rhode, travelled to Egypt . He built
6734-661: The minorities" between Greece and Turkey . Rhodes and the rest of the Dodecanese Islands were assigned to Italy in the Treaty of Ouchy. Although the treaty stipulated that the islands were to be returned to Turkey, the advent of World War I prevented this from happening. Turkey ceded them officially to Italy with the 1923 Treaty of Lausanne . It then became the core of their possession of the Isole Italiane dell'Egeo . Thousands of Italian colonists settled in
6825-408: The nation and globally. Additionally, the firm is partnered with a number of international insurance companies. Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against the risk of
6916-414: The policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for
7007-406: The premium collected in order to assess rate adequacy. Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with "loss relativities"—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and
7098-559: The present-day Dalyan , Turkey. Rhodes successfully carried on this policy through the course of the third century BC, an impressive achievement for what was essentially a democratic state. By the end of that period, however, the balance of power was crumbling, as declining Ptolemaic power made Egypt an attractive target for Seleucid ambitions. In 203/2 BC the young and dynamic kings of Antigonid Macedon and Seleucid Asia, Philip V and Antiochus III , agreed to accept—at least temporarily—their respective military ambitions: Philip's campaign in
7189-448: The primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian 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 capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that
7280-404: The reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of
7371-456: The scope of insurance cover. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by
7462-672: The spread of Italian culture in Greece and the Levant . The Fascist program coincided with improvements to infrastructure, building imposing buildings such as the Hotel Rodon, the Puccini Theater and many administrative buildings with master architects such as Armando Bernabiti and Florestano Di Fausto . While the government worked at modernization, they also obliterated many historical buildings that did not match their ideal of
7553-527: The surviving defeated Hospitallers were allowed to withdraw to the Kingdom of Sicily . Despite the defeat, both Christians and Muslims seem to have regarded the conduct of Villiers de L'Isle-Adam as extremely valiant, and the Grand Master was proclaimed a Defender of the Faith by Pope Adrian VI (see Knights of Cyprus and Rhodes ). The knights would later move their base of operations to Malta and Gozo . Rhodes
7644-535: The telephone with settlement authority at a mandatory settlement-conference when requested by a judge. Rhodes Rhodes ( / r oʊ d z / ; Greek : Ρόδος , romanized : Ródos [ˈroðos] ) is the largest of the Dodecanese islands of Greece and is their historical capital; it is the ninth largest island in the Mediterranean Sea . Administratively,
7735-405: The war, but in the view of hostile elements in the Senate she had been a bit too friendly with the defeated King Perseus. Some actually proposed declaring war on the island republic, but this was averted. In 164 BC, Rhodes became a "permanent ally" of Rome, which was essentially a reduction to client state of nominal but meaningless independence. It was said that the Romans ultimately turned against
7826-452: Was $ 68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies "investment companies that raise the money for their investments by selling insurance". Naturally,
7917-485: Was advanced on a ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for
8008-674: Was forbidden. Following the Italian Armistice of 8 September 1943 , the British attempted to get the Italian garrison on Rhodes to change sides. This was anticipated by the German Army , which succeeded in occupying the island with the Battle of Rhodes . In great measure, the German occupation caused the British failure in the subsequent Dodecanese Campaign . After September 1943, the Jews were sent to concentration camps. However,
8099-492: Was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. Insurance involves pooling funds from many insured entities (known as exposures) to pay for
8190-400: Was manned by proverbially the finest sailors in the Mediterranean world: “If we have ten Rhodians, we have ten ships.” The Rhodians also established their dominance on the shores of Caria across from their island, which became known as the " Rhodian Peraia ". It extended roughly from the modern city of Muğla (ancient Mobolla ) in the north and Kaunos bordering Lycia in the south, near
8281-479: Was thereafter a possession of the Ottoman Empire (see Sanjak of Rhodes ) for nearly four centuries. In the 19th century the island was populated by ethnic groups from the surrounding nations, including Jews, whose presence goes back 2,300 years. Under Ottoman rule, they generally did fairly well, but discrimination and bigotry occasionally arose. In February 1840, the Jews of Rhodes were falsely accused by
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