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Jan 1, 1000
2500 BC Chinese Traders
Chinese and Babylonian merchants would redistribute their cargo among several ships, so that if one ship was lost they wouldnot loose their entire shipment -
Feb 1, 1001
1750 BC Code of Hammurabi
If a merchant recieved a loan to fund his shipment, he could pay then lender a fee that would gurantee the loan would be cancelled if the shipment was lost -
Jan 1, 1002
1000 BC Rhodes "General Average"
groups of merchants could pay to insure their goods being shipped together, the collected premiums would be used to reimburse any merchant whose goods were lost -
Jan 1, 1347
1st Insurance Contract
In Genoa insurance pools backed by landed estates and not tied directly to loans. -
Property Insurance
As a result of the great fire in London the previous year, created an urgent need for Fire insurance which caused Christopher Wren to include an Insurance office in his plans for rebuilding London -
Life Insurance
In London first life insurance policies sold by Amicable Society for a Perpetual Assurance. -
Accident Insurance
Accident Insurancebecomes popular due to the rising number of injuries on the railway system -
Welfare
Governments inititate insurance programs offering financial protection against sickness and old age.
