Advertisement

Journal of Social and Economic Development

, Volume 20, Issue 2, pp 274–292 | Cite as

Insurance and risk practices: an exploration of religious texts to reveal the evolutionary development of insurance institutions

  • Ashu TiwariEmail author
  • Imlak Shaikh
  • Archana Patro
Research Paper
  • 12 Downloads

Abstract

Archeological evidence shows that many ancient civilizations were engaged in practices resembling insurance to protect individuals from adverse economic loss. The present study argues that such protection mechanisms are indeed very old and have their roots in various religions, but rather than an economic orientation, they were governed by religious faith for collective survival. The concepts of protection, pooling, and temporal diversification of resources are discussed intensively in all religions. By exploring various religious texts, the present study identified four quasi-insurance arrangements, namely religious insurance, political insurance, mutual insurance, and institutional insurance. However, these protection arrangements vary in the degree to which they represent “strict adherence to faith” versus “laws of collective survival.” The argument of the present work is supported using the theory of religious evolution developed by Bellah in 1964.

Keywords

Evolution of insurance Archeological evidence Civilizations Religious faith Religious texts Social systems Collective survival Protection Religious insurance Political insurance Institutional insurance Mutual insurance 

References

  1. Anderson GM (1988) Mr. Smith and the preachers: the economics of religion in the wealth of nations. J Polit Econ 96(5):1066–1088CrossRefGoogle Scholar
  2. Bakar O (1999) The history and philosophy of islamic science. Islamic Texts Society, Cambridge, EnglandGoogle Scholar
  3. Barilan YM (2014) Jewish bioethics: rabbinic law and theology in their social and historical context. Cambridge University Press, New YorkGoogle Scholar
  4. Bekkin RI (2007) Islamic insurance: national features and legal regulation. Arab Law Q 21(1):3–34CrossRefGoogle Scholar
  5. Bellah RN (1964) Religious evolution. Am Sociol Rev 10(2):358–374CrossRefGoogle Scholar
  6. Benedict RD (1909) The historical position of the Rhodian law. Yale Law J 18(4):223–242CrossRefGoogle Scholar
  7. Berlin A (2011) The Oxford dictionary of the Jewish religion. Oxford University Press, New YorkCrossRefGoogle Scholar
  8. Bullinger EW (1999) The companion bible. Kregel Publication, MichiganGoogle Scholar
  9. Carus P (2004) The gospel of buddha according to old records. Open court publishing, IllinoisGoogle Scholar
  10. Clark AE, Lelkes O (2005) Deliver us from evil: religion as insurance. PSE Working Papers halshs-00590570, HAL. https://halshs.archives-ouvertes.fr/halshs-00590570
  11. Colleen Sell RR (2002) 10-Minute Zen: easy tips to lead you down the path of enlightenment. Fair Wind, BeverlyGoogle Scholar
  12. Deutsch M (1968) ERIC:ED037484. Retrieved from Social Class, Race, and Psychological Development. https://eric.ed.gov/?id=ED037484
  13. Griffith RT (1896) The hymns of the Atharvaveda, vol 2. EJ Lazarus, BenaresGoogle Scholar
  14. Jodhka GM (2011) Religion, community and development: changing contours of politics and policy in India. Routledge Taylor & Francis Group, New DelhiGoogle Scholar
  15. Kanga EM (2013) Khordeh Avestā, transliterated and translated into English. The Trustees of the Parsi Panchayat Funds and Properties, BombayGoogle Scholar
  16. Keith AB (1914) The Veda of the Black Yajus School: entitled Taittiriya sanhita. Harvard University Press, HarvardGoogle Scholar
  17. Ko LU (1990) Guide to Tripitaka. Sri Satguru, New DelhiGoogle Scholar
  18. Lefeber R (1994) The Ramayana of Valmiki: an epic of Ancient India-Kiskindhakanda, vol 4. Princeton University Press, PrincetonGoogle Scholar
  19. Lehrer EL (2004) Religion as a determinant of economic and demographic behavior in the United States. Popul Dev Rev 30(4):707–726CrossRefGoogle Scholar
  20. Levine A (2010) The Oxford handbook of Judaism and economics. Oxford University Press, New YorkCrossRefGoogle Scholar
  21. Lohmann RA (1995) Buddhist commons and the question of a third sector in Asia. Voluntas 6(2):140–158CrossRefGoogle Scholar
  22. Marx K (1867) Das Kapital. Verlag Von Otto Meissner, New YorkGoogle Scholar
  23. McCauley RN, Lawson ET (2002) Bringing ritual to mind: psychological foundations of cultural forms. Cambridge University Press, CambridgeCrossRefGoogle Scholar
  24. Nehru J (2004) The discovery of India (1st edn 1946). Meridian, LondonGoogle Scholar
  25. Powers J (1995) Introduction to Tibetan Buddhism. Snow Lion, New YorkGoogle Scholar
  26. Prabhupāda AC (1972) Bhagavad-gītā as it is. Collier Books, New YorkGoogle Scholar
  27. Ralph TH (1896) The Hymns of Rigveda. Nilgiri, KotagiriGoogle Scholar
  28. Ramsay WM (1893) The Church in the Roman empire before AD 170. Hodder and Stoughton, LondonGoogle Scholar
  29. Rodger W, Gago S (2006) Biblical scriptures underlying six ethical models influencing organizational practices. J Bus Ethics 48(2):125–136CrossRefGoogle Scholar
  30. Roy PC (1886) The Mahabharata of Krishna-Dwaipayana Vyasa, Translated into English prose from the original Sanskrit Text. Oriental Publishing Co., CalcuttaGoogle Scholar
  31. Sarma D (2007) The final sacrifice: a dead “Hindu,” a missing body, and a $10 million dollar life-insurance policy. Method Theory Study Relig 19(1):58–71CrossRefGoogle Scholar
  32. Satyendra KA (2000) Dictionary of Hinduism. Ivy, DelhiGoogle Scholar
  33. Scheve K, Stasavage D (2006) Religion and preferences for social insurance. Q J Polit Sci 1(3):255–286CrossRefGoogle Scholar
  34. Shariff AF, Norenzayan A (2007) God is watching you: priming God concepts increases prosocial behavior in an anonymous economic game. Psychol Sci 18(9):803–809CrossRefGoogle Scholar
  35. Stark R, Bainbridge WS (1985) The future of religion: secularization, revival and cult formation. University of California Press, BerkeleyGoogle Scholar
  36. Stark R, Bainbridge WS (1986) A theory of religion. Rutgers University PressGoogle Scholar
  37. Swami SP, Yeats WB (2011) The ten principal Upanishads. Faber and Faber, LondonGoogle Scholar
  38. Tracy MA (1966) Insurance and theology: the background and the issue. J Risk Insur 33(1):85–93CrossRefGoogle Scholar
  39. Trenerry CF (1926) The origin and early history of insurance including the contract of bottomry. PS King & Son, LondonGoogle Scholar
  40. Trenerry CF (2010) The origin and early history of insurance: including the contract of Bottomry. Law Book Exchange, ClarkGoogle Scholar
  41. Vance WR (1908) The early history of insurance law. Columbia Law Rev 8(1):1–17CrossRefGoogle Scholar
  42. Vyasa V (2018) Sanskrit epics: collected translation. Delphi Publishing Limited, United KingdomGoogle Scholar
  43. Walvoord JF, Zuck RB, Dallas Theological Seminary (1983) The Bible knowledge commentary: an expository of the scriptures. Victor Books, WheatonGoogle Scholar
  44. Weber M (1930) The Protestant ethic and the spirit of capitalism (trans: Parsons T). Taylor & Francis e-Library, LondonGoogle Scholar
  45. Writer F (2014) The co-creation paradigm. Strateg Dir.  https://doi.org/10.1108/SD-10-2014-0141 CrossRefGoogle Scholar
  46. Writer R (2016) Charity as a means of Zoroastrian self-preservation. Iran Stud 49(1):117–136CrossRefGoogle Scholar

Copyright information

© Institute for Social and Economic Change 2018

Authors and Affiliations

  1. 1.Indian Institute of Management RohtakRohtakIndia
  2. 2.Management Development Institute GurgaonGurgaonIndia

Personalised recommendations