1.1. Explain how each of the following events would change the equilibrium premium and quantity of insurance in the market, indicating any shifts in the supply and demand curves.

a. An increase in the number of ships traveling the same trade routes and so facing the same kinds of risks

b. An increase in the number of trading routes, with the same number of ships traveling a greater variety of routes and so facing different kinds of risk

c. An increase in the degree of risk aversion among the shipowners in the market

d. An increase in the degree of risk aversion among the investors in the market

e. An increase in the risk affecting the economy as a whole

f. A fall in the wealth levels of investors in the market