The history of insurance

03 Nov The history of insurance

This is a brief look at the origins of insurance. Insurance actually dates back to around 3500 years ago. In the famous Code of Hammurabi c 1750 BCE, the code allowed for sailing merchants to pay an additional fee to any lender to protect them against a stolen shipment. This was how insurance is first recorded, it was a way to protect against a loan if the merchant was unable to safely transport the merchandise. The fee would be higher or lower depending on the time of the journey and how safe or dangerous it was to travel.

Some Achaemenian monarchs would register gifts over a certain value, if that person ever became in trouble with the court or needed a favor they would have to come to this man’s aide. In the era of the Greeks and Romans the origins of life and health insurance emerged. They created guilds known as “benevolent societies” which helped care for the deceased members, as well as paying for a funeral. Insurance is almost as old as civilization itself. For where there is a risk there is insurance to help protect you. So whether you are shipping goods across the Mediterranean or driving to work, feel protected with Insurance Brokers West