Internationalisering av svenska försäkringsbolag : Drivkrafter, organisering och utveckling 1855-1913

Sammanfattning: This dissertation analyses the driving forces behind the organising and development of Swedish insurance firms business abroad. It contains an investigation of all insurance branches with interests in the international insurance market (except marine insurance companies). The historical process of internationalisation was initiated at the same time as the foundation of the first joint stock insurance firm, Skandia, in 1855. The internationalisation began with reinsurance contracts with major European insurance companies with business in Sweden. To compensate for reduced premium income, through reinsurance, the contracts had a tendency to become mutual, which meant that the Swedish firms in a early phase of their development exposed themselves to foreign insurance risks. The insurance firms also started general agencies abroad, initially in the Nordic Countries, but over time they conducted business further away from the domestic market. The main incentive for internationalisation, both through reinsurance and direct insurance abroad, was that it was a way for the insurance firms to diversify their portfolios, develop a sound risk management, secure long-term survival and also diversify their income through time and space. The internationalisation process was, however, different in different branches; fire insurance firms deepened their commitments abroad, while firms in thebranches of life, accident and minor insurance had to abandon this strategy and instead concentrated their business to Sweden. The financial capacity of the firms engaged abroad became more important over time. The larger firms also needed a broader context for their portfolios to avoid a too high rate of risk exposure. Hence, larger fire insurance firms maintained and also extended their international business, while smaller firms were forced to adopt and/or preferred a domestic profile for their business. Furthermore, differences ininstitutional constraints, path-dependence and organisational structures were contributing factors behind the internationalisation of the Swedish insurance firms.