A Brief History of Insurance
Insurance dates back to pre-history. To the early years when people banded into groups and pitched in to help each other in times of need. Insurance was not monetary back then, but of mutual aid.
The first methods of transferring or distributing risk in a monetary economy was practiced by Chinese and Babylonian traders in the 3rd and 2nd millennia BC. A system was developed around 1750 BC that gave merchants that sent their goods by boat the opportunity to pay a sum of to a third party to limit the loss of their goods due to a vessel capsizing…more
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