History of Insurance





2000 B.C. - 553B.C.


  1500 A.D. - PRESENT


400 A.D. - 1400 A.D.







Since 2000 BC dating about the first forms of insurance relating to the protection of potential business risks and sharing losses in transport activities by land or by sea.
The Code of Hammurabi King of Babylonia (1750 BC) provides that in the event of loss or theft of goods in transit, the carrier shall be relieved of its obligation to deliver the goods if it is proved that it is not responsible or complicit, while the loss is shared among participants in the caravan merchants.
1200 years later, in 916 BC, the inhabitants of Rhodes bases bring substantial maritime insurance, and provide a state of "general average" and the principles of settlement, with the participation and sharing of risks shared between all stakeholders in a carriage. Total known as "Law of the Rhodians' practices will be codified many centuries later by Justinian (553 AD) under the legislative work.

The Fundraising Companies of Greek antiquity, which are aimed at supporting families in difficulty and cover funeral costs, are the first form of life insurance. The later Roman Collegia Tenuiorum serve the same purposes.
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The model occurs fundraising companies in the Middle Ages and the Guildes (corporations) who provide assistance to their members in the event of physical or material damage through special funds.
Shipping insurance on there the most important development since the 1063, Venetians and Genoese merchants mostly find a way to protect their ships and their cargoes against damage by weather or pirates: establish a fund contributed by members and from which compensated. Known as Coded'Amalfi, their organization and establish the first insurance policies.

In Italy, Spain and France attributed the beginning of maritime insurance. In all three countries have found records of the 13th and 14th centuries in matters concerning maritime law and insurance. The first limited liability company to finance and secure maritime trade founded in Toulouse in 1378. The first insurance company's land and maritime created in Genoa in 1424, while at the same time around (1435) published Loscapitulos de Barcelona, ​​the first legislation regulating marine insurance.

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During the 13th and 14th century Italian navigators and merchants settled in London where carry trade and insurance practices. Towards the end of the 16th century and during the 17th century, the growing importance of London as a trading center promotes development in the English capital of marine insurance. In 1575 established a special office for the registration of insurance (Office of Assurances), and in 1601 created the first court to resolve disputes related to insurance coverage for shipping.
In 1691, the Edward Lloyd opened a coffee house in TowerStreet bringing together merchants and shipowners of the season and dealing with those seeking insurance for their ships and those proposing to cover them. The Lloyd's of London is still the "temple" of marine insurance.

A similar development is presented in Portugal, Italy, France and the Netherlands, where in 1629 and founded the first company dedicated to the security of maritime transport.
The insurance with the modern concept dates back to 1666, when breaks in London a great fire that destroys 13,200 buildings. After this fire, oNicholas Barbon opened an office and residential buildings insurance. Shortly afterwards, in 1698, founded the UK's first life insurance company.

In the United States, the first insurance company established in 1732, while BenjaminFranklin, through Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, introduces the concept of prevention, and exclude houses for which the risk of fire is too large.

In England again displayed for the first time car insurance, and in 1932 made compulsory insurance of liability to third parties for their outstanding vehicles.

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