Insurance has a history dating back to ancient times. Over the centuries, it has developed into a modern institution for the protection of people against various risks. The company has been profitable for many years and is an important long-term source of private and public funds.
In the ancient world, Babylonian and Chinese traders recorded the first types of covers. To minimize the loss of goods, merchants distribute their goods in different ships that have to cross dangerous waters. One of the earliest recorded methods of capital punishment is mentioned in the Code of Hammurabi, written around 1750 BC. Under this system, the seller who receives the money must pay the lender another sum of money in return for the guarantee that the loan will be canceled if the goods are stolen. The first people to insure themselves were the Achaemenid kings and the insurance files were kept by notaries. Covers are also recognized for precious gifts. These gifts were given to kings. By recording their gifts in the registry, the donors will get help from the king in proving the existence of the gift if they are in trouble.
As the old world developed, boat loans have rates based on the best time to travel. About 600 BC. BC, the Greeks and Romans created the first forms of health insurance in their charitable societies. These communities care for the families of deceased citizens. Such societies continued for centuries in many parts of the world, including funeral ceremonies. In the 12th century in Anatolia, a form of social insurance was introduced. If customers are robbed there, Omn Nche will compensate them for their losses.
A horizontal insurance policy not tied to a contract or loan appeared in Genoa in the 14th century. This is where the first written insurance policy came from in 1347. In the following century, independent ship insurance was established. With this type of insurance, premiums vary based on specific risks. However, the separation of contracts and insurance is a big change that will affect insurance for the rest of the time. The first printed book on insurance was written by Pedro de Santarém, and the book was published in 1552. During the late Renaissance in Europe, insurance became a sophisticated form of protection with many types of coverage. Until the end of the 17th century, many places were still run by friends who collected money to pay for medicine and funerals. However, the late 17th century brought a rapid increase in London’s importance to the commercial world. It has increased the need for cargo insurance. London has become a place for entrepreneurs or people who want to start a business in business. Lloyd’s of London, one of London’s leading insurers, remains the largest insurance business in the city.
Modern insurance dates back to the Great Fire of London, which occurred in 1666. After a man named Nicholas Barbon destroyed more than 30,000 homes, he started a construction insurance business. Later, he established the city’s first fire insurance company. Accident insurance was developed at the end of the 19th century and is similar to modern disability insurance.
In US history, the first insurance company was based in South Carolina and opened in 1732 to provide fire insurance. Benjamin Franklin started a business in the 1750s, which collected donations to prevent fires from destroying homes. As the 1800s came and went, the insurance industry began to include life insurance and many other types of insurance. No form of insurance was mandated in the United States until the 1930s. At that time, the government created Social Security. In the 1940s, IG coverage appeared. It helped ease the financial hardships of widows during World War II. It wasn’t until the 1980s that the need for car insurance grew enough that steps were taken to make it legal. Although insurance is an established business, it is still changing and will evolve in the future to meet the changing needs of consumers.