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Moderate, however, as the premium of insurance commonly is, many

people despise the risk too much to care to pay it. Taking the

whole kingdom at an average, nineteen houses in twenty, or

rather, perhaps, ninety-nine in a hundred, are not insured from

fire. Sea-risk is more alarming to the greater part of people;

and the proportion of ships insured to those not insured is much

greater. Many sail, however, at all seasons, and even in time of

war, without any insurance. This may sometimes, perhaps, be done

without any imprudence. When a great company, or even a great

merchant, has twenty or thirty ships at sea, they may, as it

were, insure one another. The premium saved up on them all may

more than compensate such losses as they are likely to meet with

in the common course of chances.