Original version

BBC World Service Europe and the Middle East

50 Things That Made the Modern Economy

Factual: Money

The stories of inventions, ideas and innovations which helped create the economic world

Tim Harford tells the fascinating stories of inventions, ideas and innovations which have helped create the economic world.

BBC World Service Online

BBC World Service Australasia

BBC World Service East Asia

BBC World Service South Asia

BBC World Service

BBC World Service schedule for American satellite radio and the Caribbean

BBC World Service Americas and the Caribbean

BBC World Service East and Southern Africa Schedule

BBC World Service East and Southern Africa

BBC World Service West and Central Africa Schedule

BBC World Service West and Central Africa

50 Things That Made the Modern Economy: Insurance

Discussion & Talk

News

Insurance

04/02/2017 GMT

BBC World Service - 50 Things That Made the Modern Economy, InsuranceSearch BBC

Insurance is as old as gambling, but it’s fundamental to the way the modern economy works

Insurance is an idea as old as gambling but one which is fundamental to the way the modern economy works.

Legally and culturally, there’s a clear distinction between gambling and insurance. Economically, the difference is not so easy to see. Both the gambler and the insurer agree that money will change hands depending on what transpires in some unknowable future. Today the biggest insurance market of all – financial derivatives – blurs the line between insuring and gambling more than ever. Tim Harford tells the story of insurance; an idea as old as gambling but one which is fundamental to the way the modern economy works.

Producer: Ben Crighton
Editors: Richard Knight and Richard Vadon

(Image: Lloyds Coffeehouse, Credit: Getty Images)

Accessibility links

Programme Index

50 Things That Made the Modern Economy

Insurance

Genres

Formats

Brand

BBC World Service Europe and the Middle East

About BBC World Service