WANNA KNOW THE HISTORY OF INSURANCE ?

History of Insurance in India - StrictlyLegal
In the period of 600 BCE, the hindus practiced the Bottomry. A bottomry or a bottomage is an arrangement is a system of merchant insurance in which a ship is used as a security against a loan to finance a voyage, the lender losing their money if the ship sinks. This occurs, for example, where the ship needs urgent repairs during the course of its voyage or some other emergency arises and it is not possible for the master to contact the owner to arrange funds, allowing the master to borrow money on the security of the ship or the cargo by executing a bond. Where the ship is hypothecated, the bond is called a bottomry bond. Concepts of insurance has been also found in 3rd century BCE Hindu scriptures such as Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). Now during the 4th centuary the Ancient Roman law recognized the bottomry contract in which an article of agreement was drawn up and funds were deposited with a money changer. Marine insurance became highly developed in the 15th century. In Rome there were also burial societies that paid funeral costs of their members out of monthly dues. The insurance contract also developed early. It was known in ancient Greece and among other maritime nations in commercial contact with Greece.
The concept of insurance dates back to at least the 18th century B.C., with the Code of Hammurabi. The Code of Hammurabi describes a form of bottomry which is a risk transferring technique. By some accounts, the earliest written insurance policy appeared in ancient times on a Babylonian monument with the code of King Hammurabi carved into it.
Hammurabi's Code was one of the first examples of written laws.
In 1293, D. Dinis, King of Portugal advanced the interests of the Portuguese merchants, and set up by mutual agreement a fund called the Bolsa de Comércio, the first documented form of marine insurance in Europe, approved on 10 May 1293
Life insurance began to emerge in the 16th and 17th centuries in England, France, and Holland. The first known life insurance policy in England was issued in 1583. 

Leave a Reply

Your email address will not be published. Required fields are marked *