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Origin and early development of insurance

Origin and early development of insurance image

The origin and early historical development of insurance in the world, according to some of our theorists from the beginning of the century, go through six periods.

In ancient times, in the first period, insurance was pure mutual aid. In ancient Greece and the Roman Empire, there were mutual aid societies, founded by persons practicing the same profession. Ancient Greek and Roman maritime "insurance" is considered by some authors to be the oldest form of insurance. It is a special loan in which the risk is shared between the borrower and the debtor.

The second period is the development of "big loans", a period during which there is no real insurance.

The third period ushered in the era of insurance law: the Maritime Law of Marseilles, the insurance contract drawn up in Barcelona. In 1384 Genoa's first marine insurance policy appeared, signed by several insurers who took the risk of losing the goods.

The fourth period is from 1681 to 1789. The first famous Colbert outlined the role of insurance. Fire insurance first appears in London. The first insurance company was founded in 1762, is called "Equitball" and is based on purely scientific principles - premiums are paid according to the age of the insured. The company at that time turned off the agency because it considered it sufficient to appeal to the minds of citizens to seek insurance themselves.

During the fifth period in Germany, Prussia and the Netherlands laws for navigation were drafted, and from 1808. insurance is fixed in the form of mutual assistance. In the period between 1819. and 1847. under Napoleon III, joint-stock companies flourished.

The sixth period, which began in 1848, is characterized by the tendency for compulsory insurance and the struggle for state insurance. During the time of Napoleon, the triple insurance appeared: for death, accident and old age. In 1894 social insurance emerges: for unemployment and pension.

Some historians argue that capitalism plays a crucial role in the development of insurance.