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The History of the Insurance Industry

Insurance During The Ancient and Medieval Era: Insurance, in some form dates back to prehistory. Initially, people sold goods in their own village or gathering places  and slowly started selling in nearby villages. In non monetary economies (economies with no standardized and set financial instruments), the risk was mitigated through mutual risk agreements. The risk was distributed through Guilds, Co-operative societies and proto-states-institutions to provide protection and encouraged mutual survival in adverse circumstances. The payoff for losses did not involve any financial transaction. For example, if someone's house burnt down or was destroyed, the neighbors committed to rebuild it. Public Granaries (a storehouse built above ground to protect grain or animal food against mice) is another example of ancient Insurance to indemnify against famines. During the 2nd and 3rd Millennia BC, the Chinese, Indian and Babylonian merchants practiced the transfer of Risk in a monetary Economy (with markets, currency, financial instruments) by various methods. The Chinese, for example distributed the loss to a single vessel of a shipment by distributing it over the merchandise in multiple vessels of a shipment. The Babylonians practiced a system recorded in the famous Code of Hammurabi, where if a merchant received a loan and the cargo was destroyed or stolen during transportation, the loan would be written off by the lender. The Rhodean Sea Law, in reference to merchants and seafarers, includes that a seafarer would be reimbursed by his collegues if the shipment was thrown into the sea to save the vessel. 

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Types of Personal Insurance

Auto Insurance          Boat Insurance          Condo Insurance          Earthquake Insurance          Health Insurance          Home Insurance          Landlord Insurance          Life Insurance          Long Term Care Insurance          Medicare Supplement Insurance          Motorcycle Insurance          Renters Insurance          


Types of Commercial Insurance

Aircraft Insurance          Boiler and Machinery Insurance          Business Income Insurance          Businessowners Insurance          Commercial Automobile Insurance          Commercial General Liability Insurance           Commercial Property Insurance          Crime Insurance          Directors and Officers Liability Insurance          Employment Benefits Liability and Fiduciary Liability Insurance          Employment Practices Liability Insurance          Farm Insurance          Inland and Ocean Marine Insurance         Professional Liability Insurance          Surety Bonds          Umbrella and Excess Liability Insurance          Workers Compensation and Employer's Liability Insurance

                   

(1) Risk in our Society          (2) Insurance and Risk          (3) Risk Management          (4) Fundamental Legal Principles          (5) Analysis of Insurance Contracts         (6) The Liability Risk          (7) Homeowners Insurance          (8) Other Personal Property and Liability Insurance Coverages          (9) Automobile Insurance and Society           (10) Commercial Property Insurance          (11) Commercial Liability Insurance          (12) Crime Insurance & Surety Bonds          (13) Fundamentals of Life Insurance          (14) Types of Life Insurance & Annuities          (15) Life Insurance Contractual Provisions          (16) Buying Life Insurance          (17) Life Insurance Planning & Estate Planning          (18) Individual Health Insurance           (19) Employee Benefits: Group Life & Health Insurance          (20) Employee Benefits: Retirement Plans          (21) Social Insurance          (22) Types of Insurers and Marketing Systems          (23) Insurance Company Operations           (24) Insurance Pricing          (25) Government Regulation of Insurance


(26) Concept and Understanding The Personal Financial Planning Process          (27) Heath Insurance Planning          (28) Life Insurance Planning          (29) Investment Planning          (30) Retirement Planning          (31) Estate Planning          (32) Business Continuation Planning


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