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Another form of insurance developed not in the ports, but the mountains.Alpine farmers organised mutual aid societies in the early 16th century, agreeing to look after each other if a cow - or child - fell ill.

Governments initially got into the insurance business as a way of making money, typically to fight a war in the turmoil of Europe in the 1600s and 1700s.

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It is regarded as a core priority to help citizens manage some of life's biggest risks - unemployment, illness, disability and ageing.

That is a shame, because there is growing evidence that insurance doesn't just provide peace of mind, but is a vital element of a healthy economy.

Before the international banking crisis broke in 2007, the total face value of outstanding derivatives contracts was many times larger than the world economy itself.

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