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History of insurance
- 1. HISTORY OF INSURANCE Prepared By: Jamshid Raqi
- 2. History of Insurance ■ The history of insurance describes the development of the modern business of insurance against risks, especially regarding cargo, property, death, automobile accidents, and medical treatment.
- 3. Ancient world ■ The first methods of transferring or distributing risk in a monetary economy, were practiced by Chinese and Babylonian traders in the 3rd and 2nd millennia BC, respectively. ■ Achaemenian monarchs in Ancient Persia were presented with annual gifts from the various ethnic groups un- der their control. This would function as an early form of political insurance, and officially bound the Persian monarch to protect the group from harm. ■ The ancient Athenian “maritime loan” advanced money for voyages with repayment being cancelled if the ship was lost. ■ The ancient Athenian “maritime loan” advanced money for voyages with repayment being cancelled if the ship was lost.
- 4. Medieval era ■ The first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks
- 5. Modern insurance Insurance became more sophisticated in Enlightenment era Europe, and specialized varieties developed. Some forms of insurance developed in London in the early decades of the 17th century. The subscription room at Lloyd’s of London in the early 19th century.
- 6. History of Life insurance ■ The first life insurance policies were taken out in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Of- fice, founded in London in 1706 by William Talbot and Sir Thomas Allen Amicable Society for a Perpetual Assurance Office, established in 1706, was the first life insurance company in the world.
- 7. ■ 100 B.C. The origins of the concept of life insurance, as we know it, can be traced to ancient Rome. 1688 Edward Lloyd’s Coffee House, a small shop on London’ Tower Street and a popular gathering place for ship captains, ship owners and merchants, becomes the go-to place for shipping news and, eventually, marine insurance. It was there that the modern concept of an insurance company came into being. 1759 The Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in America for the benefit of Presbyterian ministers and their dependents. 1875 During the depression years of 1871 to 1874, 46 life insurance companies ceased operations, with 32 failing outright. The result: $35 million in losses for policyholders.
- 8. 2001 A total of 2,977 people perished in the Sept. 11 terrorist attacks in New York, Washington, D.C., and Pennsylvania. 2010 LIMRA’s: 30 percent of U.S. households had no life insurance protection at all, and only 44 percent of U.S. households had individual life insurance. 1976 The end of World War II and the economic boom that followed boosted sales of life insurance in the United States. 1930 Life insurance sales rose dramatically after World War I, peaking at $117 billion of insurance in force in 1930.
- 9. History of Non Life Insurance ■ Business insurance ■ Property insurance ■ National insurance ■ Accident insurance An 18th-century fire insurance contract.