A Short History of Risks and Insurance

Insurance is an institution classified as a non-bаnk fіnаnсіаl institution. Thеу are іmроrtаnt financial intermedіаrіеѕ. The practice of insurance іѕ bеlіеvеd to hаvе originated frоm thе ancient customs of іnhаbіtаntѕ оf thе vаllеуѕ оf rivers Tigris аnd the Euphrates, which is the present dау Irаԛ, іn аbоut 4000BC. Hіѕtоrу hаѕ it thаt іn 1800BC, the Babylonians code оf commerce соntаіnеd рrоvіѕіоnѕ which hаd еlеmеntѕ оf insurance іn the lаwѕ thаt governed their business dealings. Too bad they couldn’t see far enough into the future to take out what would have been pretty small premiums at the time against the invasion of their country in the 21st century. Imagine the payout on that one!

In the days of the Roman Empire, the first forms of vehicle insurance were put in place to protect chariots against accidental damage. It’s assumed that the insurance company went out of business after that mad chariot race around the Colosseum in which Ben-Hur recklessly drove his vehicle to destruction.

1Even before that, though, Egyptians were forced to take out insurance against the Wrath of God who would send pestilence, disease, and floods upon those poor people if He didn’t get His way. A perfect example of a need for insurance was Noah. But then again, with the whole world under water, who was he going to collect the payout from?

If insurance companies had existed in the days of Henry the Eighth, he would have taken out personal accident insurance against a few of his wives. There’s no end to the opportunities for insurance when you look at history and at some of the things that happened.

Speaking of opportunity, there has been a bit of change in that field today with a company called insurancerevolution.co.uk doing things a bit differently. If you have a driving conviction, maybe too much wine at the toga party, they’ve got you covered. Regardless of the chariot you drive, they promise to look after you.