11 Jul the history of the first insurance
We tell you the origin of insurance .
From the earliest civilizations, the aim was to protect personal interests. That is why each person in their community contributed an amount of money so that in the event of a tragedy happening to one of them, the community could help them with that money to improve their situation.
However, the first official insurance (signed before a notary) was not until 1347. This policy insured a ship sailing from Genoa to Mallorca.
The contract consisted of a merchant collecting a sum of money from the ship and undertaking that if the goods did not arrive in perfect condition at the port, he would pay whatever it cost. In this way he protected the ship in the event of a possible shipwreck, an accident, a deterioration of the goods or pirate assaults.
From that moment, there was a great development in insurance but the next milestone was in 1666 when the great fire of London originated, which burned a third of the city. A year later the first fire insurance company was created, founded by one of the people who rebuilt the city.
From this moment the insurance world has evolved according to our needs, trying to protect the things that are important to us and thus minimize as much as possible the misfortunes that may occur.
Oh, by the way! The word policy comes from the word pollicitatio which means promise. ❤️ .