Mr Hiron first explained the theory of insurance as the transference of the loss of the individual to the pockets of the many by means of the operation of a common fund or pool operated by insurance companies and underwriters. Interesting historical facts were explained and the strength of the British insurance market was emphasized by the statement that one of the largest risks in the world, the liner United States, is insured for £11,000,000, more than half of which is covered in the London market.
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