Financial Knowledge - Financial Literacy And Financial Education's Blog : October 2013

The History of Insurance Companies ''
WHERE INSURANCE BUSINESS STARTED?
WHEN INSURANCE BEGUN DOING BUSINESS?
HOW DID INSURANCE START?

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For example, according to historic accounts, in China, as early as 5000 BC, when ships

were commonly lost at sea, farmers made use of boats as a means of shipping their crops
to purchasers or to markets where their produce was to be put on sale.

Without a doubt, accidents occurred, boats sank, the harvests were lost, and the farmers
faced financial devastation.
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'' HISTORY OF INSURANCE, INDUSTRIES AND COMPANIES AROUND THE GLOBE /These farmers, using common sense, conceived the idea of not "putting all their eggs in
one basket," or in this case, boat. Instead, farming families relieved their anxieties about
their shipments by using multiple boats to ship their merchandise.

The History Of Insurance In America

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The History of Insurance Companies

First Organizers were Traders, Ship Owners and
MerchantsThe history of organized insurance dates back to medieval Europe. During the 14th
century, commerce was a growing entity and trade began to expand. As a result, it was
common for traders to have marine insurance.

However, the concept of insurance, as we understand it today, began in England in the
late 1600's where it became popular for traders. Eventually, traders, along with ship
owners and merchants, became the organizers.

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But where did the idea of being insured at death come

from?
The History of Life InsuranceThe history of life insurance is almost too big to fit on one timeline. It spans from today all the
way back to 100 B.C., when Caius Marius, a Roman military leader, created a burial club among
his troops.

When a member died unexpectedly, other members would pay for the funeral expenses.

Similar clubs followed suit, as Romans believed improper burials led to unhappy ghosts.
Eventually, the clubs started including a stipend for the survivors of the deceased.

After the Roman Empire fell, life insurance didn't reappear until 1662, when London draper
John Graunt discovered predictable patterns of longevity and death in a defined group of
people, despite the uncertainty about the future longevity or mortality of an individual person

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History of insurance
------------
History of InsuranceIn Roman times, there was a widespread belief that unless a man was buried correctly his
immortal spirit would remain trapped in constant turmoil. The deceased individual would be
unable to leave this world for the next forever trapped with the living, existing in the nether
as an ill-fated spectre.

This ghoulish superstition spurned the development of burial clubs

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LIFE INSURANCE INDUSTRIES AND COMPANIES

Who were the first people that implemented this idea?What did they do when the amounts of money were not as high as those of the companies in
the life insurance industry today?

When did the actual life insurance industry started?

All these are pretty interesting questions and the fact of the matter is that some of them
cannot be answered to a high extent; however we do know a lot about the history of this
wonderful thing that today covers people from all around the globe.

The History Of Insurance In America

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Britain and It's Footstep in Life Insurance HistoryModern life insurance however did not start until the British decided to try and make it work.

The practice of life insurance was banded in the entire continent of Europe except for
England and it was exactly the British that started the most prominent life insurance
companies known to the European countries today.

It was in the middle of the 17th century that in the streets of London, England a group of
people met together at Lloyd's Coffee house and decided to come about with life insurance

Insurance as we know it today can be traced to the Great Fire of London, which in 1666

devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an
office to insure buildings. In 1680, he established England's first fire insurance
company, "The Fire Office," to insure brick and frame homes.
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The History Of Insurance In America

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Therefore, this primitive form of insurance was utilized for situations where one or more
shippers could avoid being financially buried by the catastrophic consequences that
occurred whenever a boat or boats sank.

Because of the distribution of the merchandise, the loss would have been minimized.
Moreover, according to history, during the 13th century, the ancient Babylonians also
devised a system that protected both the merchants and their customers against theft or
loss, and this is one of the earliest recorded examples of insurance.

The History Of Insurance In America

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that might sink, in exchange for receiving an agreed amount of money from ship owners.

A few decades later, in 1693, astronomer Edmond Halley constructed the first mortality table
to provide a link between life insurance premium and average life spans.

It wasn't until 1732, though, that the first insurance company in the United States formed in
Charleston, S.C., and life insurance wasn't added to its product line until 1760.

In 1756, Joseph Dodson reworked Halley's mortality table, linking premium rate to age.

By 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation
in America for the benefit of Presbyterian ministers and their dependents. Episcopalians
organized a similar fund a decade later.

The History Of Insurance In America

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History of insurance refers to the development of a modern business in insurance against
risks, especially regarding ships, cargo, and buildings ("property" and "fire"), death ("life"
insurance), automobile accidents ("auto"), and the cost of medical treatment (health
insurance).TODAY ALL KIND OF INSURANCE EXISTLong Term Care Insurance, Car Insurance, Home Insurance, Life Insurance, Rental Insurance,
Business Insurance, Pre-Need Insurance, Health Insurance, Pet Insurance,
LIFE INSURANCE FROM HAIR, NAILS, & TOES, YOU NAME IT THERE IS AN INSURANCE FOR IT.

Financial Knowledge - Financial Literacy And Financial Education's Blog

Sunday, October 13, 2013

HISTORY OF INSURANCE, INDUSTRIES AND COMPANIES AROUND THE GLOBE / KNOWLEDGE FINANCIAL GROUP

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