History of Insurance

Insurance have existed for centuries where it was first to serve as being a protection to the global trader’s goods against loss from pirate attacks on the sea. The insurance company during that period of time was to bear the losses of the unfortunate traders using the money it has gathered from other participating traders so as to help the unfortunate traders.

The aim of insurance in general is to help the unfortunate one through the use of a portion of the collected/pooled money to compensate whatever amount of loss to the victim. With this in mind, the unfortunate victims can carry on with their daily lives immediately without needing to worry about other financial obligations.

There are many classes of insurance available throughout the world. Each country has its own meaning and definition of the various insurance class. However, I will not go into details on the different definitions within each country. Instead, I will discuss the general factors and the benefits it would bring to individuals.