Managing risk in fifteenth-century Barcelona: The insurance practices of the merchant Joan de Torralba María Dolores López Pérez University of Barcelona, Spain Sari Yehuda Nassar University of Barcelona, Spain This is a section of Gestione del rischio, insolvenza e bancarotta nel mondo premoderno (secc. XIII-XVIII) / Risk management, insolvency, and bankruptcy in the pre-modern world (13th-18th centuries)(DOI: 10.36253/979-12-215-0963-2) by Angela Orlandi Firenze University Press Florence 2026 https://doi.org/10.36253/979-12-215-0963-2.24

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This paper examines risk management strategies in 15th-century Barcelona through a quantitative and institutional analysis of Joan de Torralba’s maritime insurance operations. Drawing from 195 insurance cases recorded between 1434 and 1446, we reconstruct patterns of coverage, premium pricing, and Torralba’s dual role as both policyholder and underwriter. Combining systematic accounting analysis with econometric modelling, we show that insurance rates were shaped not only by cargo value but also by destination-specific perceptions of risk. The results highlight the emergence of rational pricing mechanisms, growing local control over insurance markets, and Barcelona’s integration into broader Mediterranean financial circuits. The study contributes to our understanding of early insurance as both protection and investment.

 marine insurance risk management Joan de Torralba late medieval Mediterranean trad

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