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The inhabitants of Rhodes created the general average that allowed groups of merchants to pay to insure their goods being shipped together. The premium was used to reimburse any merchant whose goods were jettisoned during transport.
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Babylonians developed an insurance system for loans that were used by early Mediterranean sailing merchants. If a merchant took a loan for his shipment, he would pay the lender a premium for the lenders guarantee to cancel the loan if the shipment was stolen or lost
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Independent insurance contracts were invented in Genoa. The first known insurance contract dates from Genoa in 1347
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Property insurance came into existence after the great fire of London, 1666, which devoured more than 13,000 houses. The massive fire converted insurance from a luxury to a necessity. In 1681 economist Nicholas Barbon and his associates established the first fire insurance company in London to insure brick-and-frame homes.
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some forms of life insurance and general insurance developed in London. The will of the English colonist Robert Hayman mentioned two policies of insurance taken out with the diocesan Chancellor of London.
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got its the first insurance company in Charles Town. Benjamin Franklin helped to popularise and standardize the practice of insurance, partially property insurance to mitigate the risk of loss from fire.
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The first insurance policies were issued. The first life of an insurance company was the Amicable Society for Perpetual Assurance Office founded in London in 1706.