Читать книгу Pricing Insurance Risk - Stephen J. Mildenhall - Страница 11

In order to make insurance a trade at all, the common premium must be sufficient to compensate the common losses, to pay the expense of management, and to afford such a profit as might have been drawn from an equal capital employed in any common trade.

Adam Smith, The Wealth of Nations (Book 1, Ch X, Part I, 5th Edition, 1789)