Adam Smith：The Wealth of Nations, Book V, Chapter I, Paragraph 1745

The value of the risk, either from fire, or from loss by sea, or by capture, though it cannot, perhaps, be calculated very exactly, admits, however, of such a gross estimation, as renders it, in some degree, reducible to strict rule and method. The trade of insurance, therefore, may be carried on successfully by a joint-stock company, without any exclusive privilege. Neither the London Assurance, nor the Royal Exchange Assurance companies have any such privilege.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book V, Chapter I, paragraph 1745 · Verified：2026-10-19 · Verification：Exact match

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