Summary and Conclusion

The development of marine insurance has been imperative for the expansion of longdistance maritime trade. Without marine insurance, the Dutch Republic would not have been able to enlarge its trade networks and in all likelihood would not have prospered as it did in the early modern era. The emergence and early development of marine insurance in the Netherlands has been fairly well documented. The effects of seasonal cycles, political changes, and technological innovations have been studied by a variety of scholars, mainly from a legal point of view. However, lately, several prominent scholars have emphasised the relevance of institutional structures to long-term economic development. There are several ways to analyse institutional emergence, its specific characteristics and institutional development. One approach, of which Douglass North is a prominent advocate, emphasises that the character and scope of the formal and informal constraints, which together make up the institutional framework, affect the direction of developments. Divergence in institutional structures may also explain why inefficiencies persist. Acting within the constraints of these institutions are the various actors: merchants, brokers, underwriters, ship-owners and authorities. How did these actors cope with the existing restraints, and how did their behaviour and choices affect the institutional structure in return? This study focuses on institutional structures, how they have influenced the parties involved and how the latter have in turn altered the institutions, both formal and informal. Three case studies form the basis of this research. I examine and compare insurance systems in Groningen, Amsterdam and Rotterdam between approximately 1600 and 1870. How did the systems vary per region and why did a certain system emerge in one area but was unable to gain foothold in other areas? As institutions, in particular the informal ones, tend to change slowly and incrementally, the direction of change is all too often not discernable on a short-term basis. The nineteenth century offers an extra dimension, as during this century a number of major transformations accelerated, affecting both institutions and actors. By examining the industry over a long period of time, we can enhance our understanding of long term institutional change.