History of Insurance

A Brief History of Insurance

Through the early days of civilisation men have formed societies whose people promised to aid each other in the event of a misfortune. As early as nine hundred BC, the merchants in the Rhodes Isle in the Mediterranean agreed to discuss certain risks among themselves.

The modern notion of insurance — where insurers collect small premiums from their policy holders, pay claims to prospects of them who incurred losses and make money for taking the potential risks after deducting business expenses — dates back to as early as thirteenth century.

Life insurance dates back to around 1500s when fire insurance as early as second half of 1600s while the idea of Accident insurance was developed in Britain once in 1840, the Assure Society was formed to guarantee employers against embezzlement by their employees. The British became the principal ocean insurers once Sir Thomas Gresham set up the Regal Exchange working in london in 1570 to transact the ocean insurance. Together with the invention of automobile early on this hundred years a new offer 'Motor' was developed by the insurance industry to supply insurance cover pertaining to automobiles including such different clauses while accidental insurance.

From its moderate beginning in a 17th century coffee-house working in london Lloyd's today is the world's leading insurance market. Although an insurance market, Lloyd's is no insurance company which in turn produce global results and an annual statement. Lloyd's likewise operates underneath certain circumstances in the USA.

Lloyd's market is a unique service provider — though not a company it offers a competitive insurance market in which above 130 businesses both contend and cooperate. This combination of preference, information, knowledge and expertise under one particular roof allows Lloyd's to provide expert thoughts and opinions of leading underwriters for several speciality classes of organization including this sort of diverse protections as underwater, aviation, catastrophy cover and professional indemnity....