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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