Insurance – Episode One
A long, long time ago, in ancient times (3770 years ago) on the far side of the planet, the first forms of insurance were recorded by the Babylonian and Chinese traders. One of the first written loss limitation methods can be found in the Code of Hammurabi—
The ancient world evolved with maritime loans with insurance rates based on favorable seasons for traveling.
Around 600 BC the Greeks and Romans formed the first types of life and health insurance.
Standalone insurance policies that were not tied to contracts or loans surfaced in Genoa in the 14 century with the first policy came in 1347. This would influence insurance for the rest of time. Penned by Pedro De Santarem in 1552 the first book on insurance was published. Lloyd’s of London began as a company that would underwrite ventures of cargo ships and merchant traders.
Modern insurance can be traced back to the city’s great fire of London in 1666 that destroyed more than 30,000 homes. Where fire insurance was born.
Even Benjamin Franklin started a company in the 1750’s for fire insurance.
The first mandatory insurance was in the United states was formed in the 1930‘s called Social Security. Then in 1940 the GI insurance surfaced.
These are what I call the light side of the force.
Check back next week, when we discuss the dark side of the force in the insurance industry.
Note: Information cited above was found on the internet under ‘history of insurance’