Raman rear-ends Hamish's car causing injury and damage. This example illustrates insurable interest arising from:

The scenario described involving Raman and Hamish illustrates insurable interest arising from common law principles. Insurable interest refers to the requirement that the insured has a stake in the subject matter of the insurance policy, meaning they would suffer a financial loss if the insured event occurs.

In this case, Raman has a direct relationship with Hamish's property (the car) and the injury caused, which demonstrates his vested interest in that property. Common law establishes the principle that individuals can insure against losses to property in which they have a legitimate interest. This concept is particularly rooted in the idea that a person cannot take out an insurance policy on something they do not stand to lose; hence, the necessity for insurable interest in contracts of insurance is derived from common law.

While other options reference contracts or statutes, they do not specifically apply in this scenario where the immediate relationship and consequent financial stake between the involved parties underscore the foundation laid by common law. Contracts may formalize the agreement for insurance coverage, but the underlying principle of insurable interest is grounded in common law traditions. Statutes can create regulations around insurance practices, but the concept of insurable interest itself does not originate from statutory provisions in this instance.