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History of Insurance In the world - Brief History of Insurance

History of insurance in the world

The history of insurance in the world is associated with the general history of insurance in the world and its growth, trade and commerce. 


The origin of insurance services may be traced back to 14th Century in Italy When ships carrying goods were covered under different perils. Thus marine insurance become oldest insurance in the world.


The systematic and orderly beginning of the insurance industry took place in UK at Lloyds coffee house in Tower Street in London.

history of insurance in the world



 In developing countries, insurance sector has assumed special significance as it has the potential to speed up the rate of growth of the economy in several ways.


Primarily, it acts as mobiliser of savings, financial intermediary promoter of investment activity, stabilizer of financial market, risk manager and an agent to allocate capital resources efficiently. Although the insurance industry has grown rapidly in the industrialized countries.


Its growth in developing countries has neither been satisfactory nor in synchronization with the growth of other sectors of the economy. 

The most industrialized countries in the world still account for 88% of global premium volume. The share of developing countries is extremely low.


The slow growth insurance services in developing countries calls for an in-depth analysis of the nature and pattern of the evolution of these services policies pursued to develop the insurance industry and constraints thereof also need close examination.


When did insurance start in the world?

The first insurance started in 14th century in Italy as marine insurance.


How did insurance start in the world?

The origin of insurance services may be traced back to 14th Century in Italy When ships carrying goods were covered under different perils.


What is the oldest form of insurance?

Marine insurance is the oldest form of insurance in the world which started in 14th century in italy.


Which is the oldest insurance company in the world?

The sun is the oldest insurance company in the world which was formed by charles povey in 1710.


Which is the best insurance company in the world?

Metlife is one of the best insurance company around the world, the MetLife companies offer life, accident and health insurance, retirement and savings products through agents, third-party distributors such as banks and brokers, and direct marketing channels. We work with families, corporations and governments to provide them with solutions that offer financial guarantees in their lives.





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