Risk Havens:Offshore Financial Centres, Insurance Cycles, the 'Litigation Explosion' and a Social Democratic Alternative

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Title Risk Havens:Offshore Financial Centres, Insurance Cycles, the 'Litigation Explosion' and a Social Democratic Alternative
Author Van Fossen, Anthony Belgrano
Journal Name Social and Legal Studies: an international journal
Year Published 2002
Place of publication United Kingdom
Publisher Sage Publications Ltd.
Abstract Risk havens in offshore financial centres play an increasingly important role in capitalist risk management. They gain strength from cycles in the insurance industry (during hard markets) and from the mystified notion of a 'litigation explosion' that is used to reduce the rights of injured plaintiffs, particularly in times when insurers experience low income from investments. The captive insurance company (which has become the most prominent in Bermuda) and the asset protection trust (pioneered in the Cook Islands) have become important instruments through which the wealthy increase their own security and reduce the compensation that they pay for misfortunes that befall the general population. While risk havens promote laissez-faire, the article concludes that democratic socialism provides the most equitable and efficient solution to the problems of risk and insurance.
Peer Reviewed Yes
Published Yes
Publisher URI http://sls.sagepub.com/cgi/content/abstract/11/4/503
Copyright Statement Copyright 2002 Sage Publications. Reproduced in accordance with the copyright policy of the publisher. First published in Social & Legal Studies. This journal is available online: http://sls.sagepub.com/content/vol11/issue4/
Volume 11
Issue Number 4
Page from 503
Page to 521
ISSN 0964-6639
Date Accessioned 2003-04-15
Language en_AU
Research Centre Griffith Asia Institute
Faculty Faculty of Arts
Subject International Relations; Law and Society; Political Economy; Sociology
URI http://hdl.handle.net/10072/6512
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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