EVOLUTION OF INSURANCE

In the history of mankind, the nature of insurance was found in the form of marine trade loans or carrier contracts. Evidence in the record of insurance was made in Babilognia and in India at early period. In the holy book of Hindus. “Rigbeda” the concept of “Yogakshema” is more or less akin to the well being and security of the people. The code of “Manu” had recognized for sharing the future losses.
In ancient period, international trade was done through sea transit so the risk was attached on both ship and cargo. During that period traders were made an agreement among themselves under which the loss caused to any person was compensated by dividing the loss among themselves, named as “General Average”. At the same time “Battomry Bond” was developed to provide ship loan which will repay with interest, if the ship reaches destination safety. Yahoodies are the main contributor to develop modern marine insurance when they were forced to leave France.
In same country commercial clients such as Venice, Geneva, Florence were started to use the modern Marine polices whereas chamber of insurance was established in Lombard street of England to issue insurance certificate. A father of modern marine insurance, Edward Lloyd published insurance news regularly. Later on Lloyd’s house was turned into center of Marine insurance Business and still now, it is the place of corporation registration and renew.
Life insurance made its first appearance in England on 1653 by William Gybbons. The first life insurance company named ‘The hand in hand society’ was opened in 1696. Life insurance was not popular in United States during the 18th century, because of serious fiactuation in death rate. After 18thIndia, the first life insurance company-Bengal presidency was established in 1818. century, they began to show their interest in this business because of the application of level premium plan. In our neighboring country,

After Marine insurance & life insurance, fire insurance was developed. In the beginning of 16thGermany. Fire insurance was developed in England after the great fire in 1666. About 85% of houses were burned to ashes and property worth near about 10 cores of sterling pound were completely burnt off. Five insurance office was established by 24 members in 1710 is still now very popular and successful.