History of Insurance and Unique Points
Insurance has a long and fascinating history, dating back thousands of years. Here are some unique points about the history of insurance that you may not know: Ancient Roots: Insurance has its roots in ancient civilizations such as Babylon, where merchants would take out loans to finance their expeditions and pay an extra fee for the lender to cancel the debt if the shipment was lost or stolen. Maritime Insurance: One of the earliest forms of insurance was maritime insurance, which emerged in the Mediterranean in the 14th century. Merchants would pool their resources to insure their cargoes against loss or damage at sea. Lloyd's of London: One of the most famous insurance companies in the world, Lloyd's of London, was founded in a coffeehouse in 1688. It quickly became the go-to place for insuring ships and cargo. Fire Insurance: The first fire insurance company was founded in London in 1666, following the Great Fire of London. The company, called the Fire Office, offered insu...