The Association was founded in 1973 based on the intuition and perception that with insurance entering a new phase worldwide, it would be wise to “explore” its potential in the changing economic environment of today. The all-important intuitions of the founding-fathers have indeed proved correct and served as inestimable benchmarks in the management of what was to become the first modest world thinktank on risk and insurance economics in the history of insurance. The members of the association are 70 chief executives of European, American, Japanese, Australian and South African insurance companies.