Chapter GIM1120
| Published date | 15 April 2016 |
| Record Number | GIM1120 |
| Court | HM Revenue & Customs |
However, an insurer could not sensibly take on a liability of £15,000 for a premium of £500 without entering into other similar contracts. From the perspective of the insurer, the mechanism involves not just assumption of risk, but also the reduction and ideally elimination of risk by a process of risk sharing. At its simplest this may involve no more than a group of people collectively agreeing to share each other’s losses. Suppose 1,000 car owners each have a car worth £10,000. If one car is stolen each owner pays £10 rather than one having to pay £10,000 for a new car. If the 1000 car owners agree to put their estimated contributions into a central fund, and from previous...
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