The internationalisation of the economy is not as recent as the buzzword “globalisation” would have us believe. In fact, it was internationalisation that paved the way for the beginnings of the insurance industry back in the 14th century, as shipowners sought to protect the increasing value of their ships and cargoes. A document from 1347 is believed to be the oldest marine insurance contract.

Even today, the complex nature of risks emanating from international trade is one of the insurance industry’s most difficult challenges and one that affects all classes of business, as the following examples show: