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The History of insurance

THE HISTORY OF INSURANCE:A TIMELINE Insurance is as old as time itself. THEN TREACHEROUS TRAVELLING 3rd Millenia BC: Chinese merchants traveling treacherous rivers would LOST AT SEA 1750 BC: Babylonians develop an insurance system, recorded in the redistribute their wares 3000sc across many vessels to limit the loss if any should capsize. famous Code of Hammurabi, whereby a merchant, who receives a loan to fund his shipment, would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loạn should the 2000Bc ROYAL ASSURANCE 550 BC: The Achaemenian monarchs of Ancient Persia become the first to insure their subjects. They register the insuring process in governmental notary offices. 1000BC shipment be lost at sea GOOD BOOK 500 BC: SINKING FEELING 408 BC: The inhabitants of Rhodes invent the concept of the general average. Merchants whose goods are shipped together pay a proportionally divided The Talmud 1000 mentions insuring goods. premium which would be used to reimburse any merchant whose goods are jettisoned in order to lighten the ship and save it from sinking. 1100 TALMUD MARINE INSURANCE 14th CENTURY Separate insurance contracts (not bundled with loans or other contracts) are invented in Genoa. The separation of insurance contracts from investment was most frequently used in marine insurance. 1150 1200 LIFE INSURANCE 17, NOVEMBER 1628: The will of the English colonist Robert Hayman mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Worth £100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is life insurance. Hayman's will is not proved until 1633. FIRE OF LONDON 1666: Modern insurance is invented after the Great Fire of London consumes more than 13,000 houses. The fire converts the development of insurance "from a matter of convenience into one of urgency. according to Sir Christopher Wren, who included a site for the Insurance Office" in his new plan for London in 1667. 1250 LLOYDS 1680s: Edward Lloyd opens a coffee house that becomes popular amongst ship owners, merchants, and ships captains. Lloyd's insurance market is born 1300 1350 FIRE INSURANCE 1681: Nicholas Barbon and eleven associates establish England's first fire insurance company, at the back of the Royal Exchange. Five thousand homes are covered by Barbon's Insurance Office. FRIENDLY BEHAVIOUR 17th CENTURY: "Friendly societies" are established in England, in which people donate amounts of money to a general sum that can be used for 1400 Natianal Dupesit Friendly Secity 1450 emergencies. 1500 NOT HALEY'S COMET 1693 Astronomer Edmond Halley publishes an article which leads to the British government selling life insurance. FIRST US INSURANCE 1732: The first insurance company in the United States is formed in Charles Town 1550 (now called Charleston). South Carolina. NEW YORK IS FIRED UP 1787 The first fire insurance FRANKLIN'S INSURANCE 1752 Benjamin Franklin founds the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company refuses to insure wooden houses. The reason? The risk of fire is too great. 1600 company is founded in New York city. Between 1787 NTED and 1837 more than 24 life insurance 100 FF 95594731 A 1650 companies are started, Less than FF 95594731 A 10O six survive 1700 SLAVE INSURANCE 1861 Some insurance companies in the Deep South insure the lives of slaves 1750 for their owners. GERMANY LEADS THE WAY 1880s: Chancellor Otto von Bismarck introduces old age pensions, accident insurance, medical care and unemployment insurance to Germany, forming the basis of the modern European welfare state. EMPLOYEE INSURANCE 1897: The Workmen's Compensation Act in Britain requires employers to insure their employees against industrial mishaps. 1800 PICC PEOPLE'S INSURANCE OF CHINA 1850 SOCIAL INSURANCE 1905. Led by Sir Henry Campbell- Bannerman and the Liberal Party. the British introduce a system of social insurance. 1949. The insurance industry in China is nationalized. Insurance is only now offered by People's Insurance Company of China, 1900 THE MODERN WELFARE STATE 1944: Social insurance becomes the modern British Welfare State. 1950 2000 SINGLE MARKET 1992: The Third Non-Life Directive and the Third Life Directive are passed in the European Union, creating a single insurance market in Europe and allowing insurance companies to offer insurance anywhere INSURANCE REPEALED 2003: In response to bills passed in California and one in Illinois, companies that issued insurance to slave owners for their slaves are forced to search Welcome 2005 to California their records for such policies. New York Life report that Nautilus sold 485 slaveholder life insurance policies during a two- year period in the 1840s. in the EU. 2010 INSURANCE GROWS 2008 Global insurance premiums grow by 3.4% to reach $4.3 trillion. The US and Japan alone account for 40% of world insurance, much higher than their 7% share of the global population. Emerging markets account for over 85% of the world's population but generate only around 10% of premiums. GLOBAL PREMILMS $4.3 NOW TRILLION E. P. Hennock, The Origin of the Welfare State in England and Germany. 1850-1914: Social Policies Compared (2007) Hermann Beck. Origins of the Authoritarian Welfare State in Prussia, 1815-1870 (1995) Bentley B. Gilbert, British social policy, 1914-1939 (1970) J. Owen Stalson, Marketing Life Insurance: Its History in America (Harvard U.P. 1942) Will of Robert Hayman, 1628:Records of the Prerogative Court of Canterbury, Catalogue Reference PROB 11/163 Vaughan, E. J. 1997, Risk Management, New York: Wile J. Franklin, J., 2001. The Science of Conjecture: Evidence and Probability Before Pascal. Baltimore:Johns Hopkins University Press, 259 http://www.iran-aw.com/article.php37id_article=61 Howstuffworks: How Health Insurance Works. http://www.webcitation.org/query?id=1257037376966105. http://www.investopedia.com/articles/08/history-of-insurance.asp#ax zzlazadpvHy http://en.wikipedia.org/wiki/History_of_insurance http://www.aviva.com/about-us/heritage/events-timeline/non-flash/ http://www.thehistoryof.net/the-history-of-insurance.html http://www.irmi.com/expert/articles/2001/klein07.aspx http://www.jstor.org/pss/251881 towergate insurance Towergate insurance is a trading name of Towergate Uncerwrting Group Limiteci regstered in England with company number 4043759. Authorised and regulated by the Financial Services Authority THE HISTORY OF INSURANCE:A TIMELINE Insurance is as old as time itself. THEN TREACHEROUS TRAVELLING 3rd Millenia BC: Chinese merchants traveling treacherous rivers would LOST AT SEA 1750 BC: Babylonians develop an insurance system, recorded in the redistribute their wares 3000sc across many vessels to limit the loss if any should capsize. famous Code of Hammurabi, whereby a merchant, who receives a loan to fund his shipment, would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loạn should the 2000Bc ROYAL ASSURANCE 550 BC: The Achaemenian monarchs of Ancient Persia become the first to insure their subjects. They register the insuring process in governmental notary offices. 1000BC shipment be lost at sea GOOD BOOK 500 BC: SINKING FEELING 408 BC: The inhabitants of Rhodes invent the concept of the general average. Merchants whose goods are shipped together pay a proportionally divided The Talmud 1000 mentions insuring goods. premium which would be used to reimburse any merchant whose goods are jettisoned in order to lighten the ship and save it from sinking. 1100 TALMUD MARINE INSURANCE 14th CENTURY Separate insurance contracts (not bundled with loans or other contracts) are invented in Genoa. The separation of insurance contracts from investment was most frequently used in marine insurance. 1150 1200 LIFE INSURANCE 17, NOVEMBER 1628: The will of the English colonist Robert Hayman mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Worth £100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is life insurance. Hayman's will is not proved until 1633. FIRE OF LONDON 1666: Modern insurance is invented after the Great Fire of London consumes more than 13,000 houses. The fire converts the development of insurance "from a matter of convenience into one of urgency. according to Sir Christopher Wren, who included a site for the Insurance Office" in his new plan for London in 1667. 1250 LLOYDS 1680s: Edward Lloyd opens a coffee house that becomes popular amongst ship owners, merchants, and ships captains. Lloyd's insurance market is born 1300 1350 FIRE INSURANCE 1681: Nicholas Barbon and eleven associates establish England's first fire insurance company, at the back of the Royal Exchange. Five thousand homes are covered by Barbon's Insurance Office. FRIENDLY BEHAVIOUR 17th CENTURY: "Friendly societies" are established in England, in which people donate amounts of money to a general sum that can be used for 1400 Natianal Dupesit Friendly Secity 1450 emergencies. 1500 NOT HALEY'S COMET 1693 Astronomer Edmond Halley publishes an article which leads to the British government selling life insurance. FIRST US INSURANCE 1732: The first insurance company in the United States is formed in Charles Town 1550 (now called Charleston). South Carolina. NEW YORK IS FIRED UP 1787 The first fire insurance FRANKLIN'S INSURANCE 1752 Benjamin Franklin founds the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company refuses to insure wooden houses. The reason? The risk of fire is too great. 1600 company is founded in New York city. Between 1787 NTED and 1837 more than 24 life insurance 100 FF 95594731 A 1650 companies are started, Less than FF 95594731 A 10O six survive 1700 SLAVE INSURANCE 1861 Some insurance companies in the Deep South insure the lives of slaves 1750 for their owners. GERMANY LEADS THE WAY 1880s: Chancellor Otto von Bismarck introduces old age pensions, accident insurance, medical care and unemployment insurance to Germany, forming the basis of the modern European welfare state. EMPLOYEE INSURANCE 1897: The Workmen's Compensation Act in Britain requires employers to insure their employees against industrial mishaps. 1800 PICC PEOPLE'S INSURANCE OF CHINA 1850 SOCIAL INSURANCE 1905. Led by Sir Henry Campbell- Bannerman and the Liberal Party. the British introduce a system of social insurance. 1949. The insurance industry in China is nationalized. Insurance is only now offered by People's Insurance Company of China, 1900 THE MODERN WELFARE STATE 1944: Social insurance becomes the modern British Welfare State. 1950 2000 SINGLE MARKET 1992: The Third Non-Life Directive and the Third Life Directive are passed in the European Union, creating a single insurance market in Europe and allowing insurance companies to offer insurance anywhere INSURANCE REPEALED 2003: In response to bills passed in California and one in Illinois, companies that issued insurance to slave owners for their slaves are forced to search Welcome 2005 to California their records for such policies. New York Life report that Nautilus sold 485 slaveholder life insurance policies during a two- year period in the 1840s. in the EU. 2010 INSURANCE GROWS 2008 Global insurance premiums grow by 3.4% to reach $4.3 trillion. The US and Japan alone account for 40% of world insurance, much higher than their 7% share of the global population. Emerging markets account for over 85% of the world's population but generate only around 10% of premiums. GLOBAL PREMILMS $4.3 NOW TRILLION E. P. Hennock, The Origin of the Welfare State in England and Germany. 1850-1914: Social Policies Compared (2007) Hermann Beck. Origins of the Authoritarian Welfare State in Prussia, 1815-1870 (1995) Bentley B. Gilbert, British social policy, 1914-1939 (1970) J. Owen Stalson, Marketing Life Insurance: Its History in America (Harvard U.P. 1942) Will of Robert Hayman, 1628:Records of the Prerogative Court of Canterbury, Catalogue Reference PROB 11/163 Vaughan, E. J. 1997, Risk Management, New York: Wile J. Franklin, J., 2001. The Science of Conjecture: Evidence and Probability Before Pascal. Baltimore:Johns Hopkins University Press, 259 http://www.iran-aw.com/article.php37id_article=61 Howstuffworks: How Health Insurance Works. http://www.webcitation.org/query?id=1257037376966105. http://www.investopedia.com/articles/08/history-of-insurance.asp#ax zzlazadpvHy http://en.wikipedia.org/wiki/History_of_insurance http://www.aviva.com/about-us/heritage/events-timeline/non-flash/ http://www.thehistoryof.net/the-history-of-insurance.html http://www.irmi.com/expert/articles/2001/klein07.aspx http://www.jstor.org/pss/251881 towergate insurance Towergate insurance is a trading name of Towergate Uncerwrting Group Limiteci regstered in England with company number 4043759. Authorised and regulated by the Financial Services Authority THE HISTORY OF INSURANCE:A TIMELINE Insurance is as old as time itself. THEN TREACHEROUS TRAVELLING 3rd Millenia BC: Chinese merchants traveling treacherous rivers would LOST AT SEA 1750 BC: Babylonians develop an insurance system, recorded in the redistribute their wares 3000sc across many vessels to limit the loss if any should capsize. famous Code of Hammurabi, whereby a merchant, who receives a loan to fund his shipment, would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loạn should the 2000Bc ROYAL ASSURANCE 550 BC: The Achaemenian monarchs of Ancient Persia become the first to insure their subjects. They register the insuring process in governmental notary offices. 1000BC shipment be lost at sea GOOD BOOK 500 BC: SINKING FEELING 408 BC: The inhabitants of Rhodes invent the concept of the general average. Merchants whose goods are shipped together pay a proportionally divided The Talmud 1000 mentions insuring goods. premium which would be used to reimburse any merchant whose goods are jettisoned in order to lighten the ship and save it from sinking. 1100 TALMUD MARINE INSURANCE 14th CENTURY Separate insurance contracts (not bundled with loans or other contracts) are invented in Genoa. The separation of insurance contracts from investment was most frequently used in marine insurance. 1150 1200 LIFE INSURANCE 17, NOVEMBER 1628: The will of the English colonist Robert Hayman mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Worth £100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is life insurance. Hayman's will is not proved until 1633. FIRE OF LONDON 1666: Modern insurance is invented after the Great Fire of London consumes more than 13,000 houses. The fire converts the development of insurance "from a matter of convenience into one of urgency. according to Sir Christopher Wren, who included a site for the Insurance Office" in his new plan for London in 1667. 1250 LLOYDS 1680s: Edward Lloyd opens a coffee house that becomes popular amongst ship owners, merchants, and ships captains. Lloyd's insurance market is born 1300 1350 FIRE INSURANCE 1681: Nicholas Barbon and eleven associates establish England's first fire insurance company, at the back of the Royal Exchange. Five thousand homes are covered by Barbon's Insurance Office. FRIENDLY BEHAVIOUR 17th CENTURY: "Friendly societies" are established in England, in which people donate amounts of money to a general sum that can be used for 1400 Natianal Dupesit Friendly Secity 1450 emergencies. 1500 NOT HALEY'S COMET 1693 Astronomer Edmond Halley publishes an article which leads to the British government selling life insurance. FIRST US INSURANCE 1732: The first insurance company in the United States is formed in Charles Town 1550 (now called Charleston). South Carolina. NEW YORK IS FIRED UP 1787 The first fire insurance FRANKLIN'S INSURANCE 1752 Benjamin Franklin founds the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company refuses to insure wooden houses. The reason? The risk of fire is too great. 1600 company is founded in New York city. Between 1787 NTED and 1837 more than 24 life insurance 100 FF 95594731 A 1650 companies are started, Less than FF 95594731 A 10O six survive 1700 SLAVE INSURANCE 1861 Some insurance companies in the Deep South insure the lives of slaves 1750 for their owners. GERMANY LEADS THE WAY 1880s: Chancellor Otto von Bismarck introduces old age pensions, accident insurance, medical care and unemployment insurance to Germany, forming the basis of the modern European welfare state. EMPLOYEE INSURANCE 1897: The Workmen's Compensation Act in Britain requires employers to insure their employees against industrial mishaps. 1800 PICC PEOPLE'S INSURANCE OF CHINA 1850 SOCIAL INSURANCE 1905. Led by Sir Henry Campbell- Bannerman and the Liberal Party. the British introduce a system of social insurance. 1949. The insurance industry in China is nationalized. Insurance is only now offered by People's Insurance Company of China, 1900 THE MODERN WELFARE STATE 1944: Social insurance becomes the modern British Welfare State. 1950 2000 SINGLE MARKET 1992: The Third Non-Life Directive and the Third Life Directive are passed in the European Union, creating a single insurance market in Europe and allowing insurance companies to offer insurance anywhere INSURANCE REPEALED 2003: In response to bills passed in California and one in Illinois, companies that issued insurance to slave owners for their slaves are forced to search Welcome 2005 to California their records for such policies. New York Life report that Nautilus sold 485 slaveholder life insurance policies during a two- year period in the 1840s. in the EU. 2010 INSURANCE GROWS 2008 Global insurance premiums grow by 3.4% to reach $4.3 trillion. The US and Japan alone account for 40% of world insurance, much higher than their 7% share of the global population. Emerging markets account for over 85% of the world's population but generate only around 10% of premiums. GLOBAL PREMILMS $4.3 NOW TRILLION E. P. Hennock, The Origin of the Welfare State in England and Germany. 1850-1914: Social Policies Compared (2007) Hermann Beck. Origins of the Authoritarian Welfare State in Prussia, 1815-1870 (1995) Bentley B. Gilbert, British social policy, 1914-1939 (1970) J. Owen Stalson, Marketing Life Insurance: Its History in America (Harvard U.P. 1942) Will of Robert Hayman, 1628:Records of the Prerogative Court of Canterbury, Catalogue Reference PROB 11/163 Vaughan, E. J. 1997, Risk Management, New York: Wile J. Franklin, J., 2001. The Science of Conjecture: Evidence and Probability Before Pascal. Baltimore:Johns Hopkins University Press, 259 http://www.iran-aw.com/article.php37id_article=61 Howstuffworks: How Health Insurance Works. http://www.webcitation.org/query?id=1257037376966105. http://www.investopedia.com/articles/08/history-of-insurance.asp#ax zzlazadpvHy http://en.wikipedia.org/wiki/History_of_insurance http://www.aviva.com/about-us/heritage/events-timeline/non-flash/ http://www.thehistoryof.net/the-history-of-insurance.html http://www.irmi.com/expert/articles/2001/klein07.aspx http://www.jstor.org/pss/251881 towergate insurance Towergate insurance is a trading name of Towergate Uncerwrting Group Limiteci regstered in England with company number 4043759. Authorised and regulated by the Financial Services Authority THE HISTORY OF INSURANCE:A TIMELINE Insurance is as old as time itself. THEN TREACHEROUS TRAVELLING 3rd Millenia BC: Chinese merchants traveling treacherous rivers would LOST AT SEA 1750 BC: Babylonians develop an insurance system, recorded in the redistribute their wares 3000sc across many vessels to limit the loss if any should capsize. famous Code of Hammurabi, whereby a merchant, who receives a loan to fund his shipment, would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loạn should the 2000Bc ROYAL ASSURANCE 550 BC: The Achaemenian monarchs of Ancient Persia become the first to insure their subjects. They register the insuring process in governmental notary offices. 1000BC shipment be lost at sea GOOD BOOK 500 BC: SINKING FEELING 408 BC: The inhabitants of Rhodes invent the concept of the general average. Merchants whose goods are shipped together pay a proportionally divided The Talmud 1000 mentions insuring goods. premium which would be used to reimburse any merchant whose goods are jettisoned in order to lighten the ship and save it from sinking. 1100 TALMUD MARINE INSURANCE 14th CENTURY Separate insurance contracts (not bundled with loans or other contracts) are invented in Genoa. The separation of insurance contracts from investment was most frequently used in marine insurance. 1150 1200 LIFE INSURANCE 17, NOVEMBER 1628: The will of the English colonist Robert Hayman mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Worth £100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is life insurance. Hayman's will is not proved until 1633. FIRE OF LONDON 1666: Modern insurance is invented after the Great Fire of London consumes more than 13,000 houses. The fire converts the development of insurance "from a matter of convenience into one of urgency. according to Sir Christopher Wren, who included a site for the Insurance Office" in his new plan for London in 1667. 1250 LLOYDS 1680s: Edward Lloyd opens a coffee house that becomes popular amongst ship owners, merchants, and ships captains. Lloyd's insurance market is born 1300 1350 FIRE INSURANCE 1681: Nicholas Barbon and eleven associates establish England's first fire insurance company, at the back of the Royal Exchange. Five thousand homes are covered by Barbon's Insurance Office. FRIENDLY BEHAVIOUR 17th CENTURY: "Friendly societies" are established in England, in which people donate amounts of money to a general sum that can be used for 1400 Natianal Dupesit Friendly Secity 1450 emergencies. 1500 NOT HALEY'S COMET 1693 Astronomer Edmond Halley publishes an article which leads to the British government selling life insurance. FIRST US INSURANCE 1732: The first insurance company in the United States is formed in Charles Town 1550 (now called Charleston). South Carolina. NEW YORK IS FIRED UP 1787 The first fire insurance FRANKLIN'S INSURANCE 1752 Benjamin Franklin founds the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company refuses to insure wooden houses. The reason? The risk of fire is too great. 1600 company is founded in New York city. Between 1787 NTED and 1837 more than 24 life insurance 100 FF 95594731 A 1650 companies are started, Less than FF 95594731 A 10O six survive 1700 SLAVE INSURANCE 1861 Some insurance companies in the Deep South insure the lives of slaves 1750 for their owners. GERMANY LEADS THE WAY 1880s: Chancellor Otto von Bismarck introduces old age pensions, accident insurance, medical care and unemployment insurance to Germany, forming the basis of the modern European welfare state. EMPLOYEE INSURANCE 1897: The Workmen's Compensation Act in Britain requires employers to insure their employees against industrial mishaps. 1800 PICC PEOPLE'S INSURANCE OF CHINA 1850 SOCIAL INSURANCE 1905. Led by Sir Henry Campbell- Bannerman and the Liberal Party. the British introduce a system of social insurance. 1949. The insurance industry in China is nationalized. Insurance is only now offered by People's Insurance Company of China, 1900 THE MODERN WELFARE STATE 1944: Social insurance becomes the modern British Welfare State. 1950 2000 SINGLE MARKET 1992: The Third Non-Life Directive and the Third Life Directive are passed in the European Union, creating a single insurance market in Europe and allowing insurance companies to offer insurance anywhere INSURANCE REPEALED 2003: In response to bills passed in California and one in Illinois, companies that issued insurance to slave owners for their slaves are forced to search Welcome 2005 to California their records for such policies. New York Life report that Nautilus sold 485 slaveholder life insurance policies during a two- year period in the 1840s. in the EU. 2010 INSURANCE GROWS 2008 Global insurance premiums grow by 3.4% to reach $4.3 trillion. The US and Japan alone account for 40% of world insurance, much higher than their 7% share of the global population. Emerging markets account for over 85% of the world's population but generate only around 10% of premiums. GLOBAL PREMILMS $4.3 NOW TRILLION E. P. Hennock, The Origin of the Welfare State in England and Germany. 1850-1914: Social Policies Compared (2007) Hermann Beck. Origins of the Authoritarian Welfare State in Prussia, 1815-1870 (1995) Bentley B. Gilbert, British social policy, 1914-1939 (1970) J. Owen Stalson, Marketing Life Insurance: Its History in America (Harvard U.P. 1942) Will of Robert Hayman, 1628:Records of the Prerogative Court of Canterbury, Catalogue Reference PROB 11/163 Vaughan, E. J. 1997, Risk Management, New York: Wile J. Franklin, J., 2001. The Science of Conjecture: Evidence and Probability Before Pascal. Baltimore:Johns Hopkins University Press, 259 http://www.iran-aw.com/article.php37id_article=61 Howstuffworks: How Health Insurance Works. http://www.webcitation.org/query?id=1257037376966105. http://www.investopedia.com/articles/08/history-of-insurance.asp#ax zzlazadpvHy http://en.wikipedia.org/wiki/History_of_insurance http://www.aviva.com/about-us/heritage/events-timeline/non-flash/ http://www.thehistoryof.net/the-history-of-insurance.html http://www.irmi.com/expert/articles/2001/klein07.aspx http://www.jstor.org/pss/251881 towergate insurance Towergate insurance is a trading name of Towergate Uncerwrting Group Limiteci regstered in England with company number 4043759. Authorised and regulated by the Financial Services Authority THE HISTORY OF INSURANCE:A TIMELINE Insurance is as old as time itself. THEN TREACHEROUS TRAVELLING 3rd Millenia BC: Chinese merchants traveling treacherous rivers would LOST AT SEA 1750 BC: Babylonians develop an insurance system, recorded in the redistribute their wares 3000sc across many vessels to limit the loss if any should capsize. famous Code of Hammurabi, whereby a merchant, who receives a loan to fund his shipment, would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loạn should the 2000Bc ROYAL ASSURANCE 550 BC: The Achaemenian monarchs of Ancient Persia become the first to insure their subjects. They register the insuring process in governmental notary offices. 1000BC shipment be lost at sea GOOD BOOK 500 BC: SINKING FEELING 408 BC: The inhabitants of Rhodes invent the concept of the general average. Merchants whose goods are shipped together pay a proportionally divided The Talmud 1000 mentions insuring goods. premium which would be used to reimburse any merchant whose goods are jettisoned in order to lighten the ship and save it from sinking. 1100 TALMUD MARINE INSURANCE 14th CENTURY Separate insurance contracts (not bundled with loans or other contracts) are invented in Genoa. The separation of insurance contracts from investment was most frequently used in marine insurance. 1150 1200 LIFE INSURANCE 17, NOVEMBER 1628: The will of the English colonist Robert Hayman mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Worth £100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is life insurance. Hayman's will is not proved until 1633. FIRE OF LONDON 1666: Modern insurance is invented after the Great Fire of London consumes more than 13,000 houses. The fire converts the development of insurance "from a matter of convenience into one of urgency. according to Sir Christopher Wren, who included a site for the Insurance Office" in his new plan for London in 1667. 1250 LLOYDS 1680s: Edward Lloyd opens a coffee house that becomes popular amongst ship owners, merchants, and ships captains. Lloyd's insurance market is born 1300 1350 FIRE INSURANCE 1681: Nicholas Barbon and eleven associates establish England's first fire insurance company, at the back of the Royal Exchange. Five thousand homes are covered by Barbon's Insurance Office. FRIENDLY BEHAVIOUR 17th CENTURY: "Friendly societies" are established in England, in which people donate amounts of money to a general sum that can be used for 1400 Natianal Dupesit Friendly Secity 1450 emergencies. 1500 NOT HALEY'S COMET 1693 Astronomer Edmond Halley publishes an article which leads to the British government selling life insurance. FIRST US INSURANCE 1732: The first insurance company in the United States is formed in Charles Town 1550 (now called Charleston). South Carolina. NEW YORK IS FIRED UP 1787 The first fire insurance FRANKLIN'S INSURANCE 1752 Benjamin Franklin founds the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company refuses to insure wooden houses. The reason? The risk of fire is too great. 1600 company is founded in New York city. Between 1787 NTED and 1837 more than 24 life insurance 100 FF 95594731 A 1650 companies are started, Less than FF 95594731 A 10O six survive 1700 SLAVE INSURANCE 1861 Some insurance companies in the Deep South insure the lives of slaves 1750 for their owners. GERMANY LEADS THE WAY 1880s: Chancellor Otto von Bismarck introduces old age pensions, accident insurance, medical care and unemployment insurance to Germany, forming the basis of the modern European welfare state. EMPLOYEE INSURANCE 1897: The Workmen's Compensation Act in Britain requires employers to insure their employees against industrial mishaps. 1800 PICC PEOPLE'S INSURANCE OF CHINA 1850 SOCIAL INSURANCE 1905. Led by Sir Henry Campbell- Bannerman and the Liberal Party. the British introduce a system of social insurance. 1949. The insurance industry in China is nationalized. Insurance is only now offered by People's Insurance Company of China, 1900 THE MODERN WELFARE STATE 1944: Social insurance becomes the modern British Welfare State. 1950 2000 SINGLE MARKET 1992: The Third Non-Life Directive and the Third Life Directive are passed in the European Union, creating a single insurance market in Europe and allowing insurance companies to offer insurance anywhere INSURANCE REPEALED 2003: In response to bills passed in California and one in Illinois, companies that issued insurance to slave owners for their slaves are forced to search Welcome 2005 to California their records for such policies. New York Life report that Nautilus sold 485 slaveholder life insurance policies during a two- year period in the 1840s. in the EU. 2010 INSURANCE GROWS 2008 Global insurance premiums grow by 3.4% to reach $4.3 trillion. The US and Japan alone account for 40% of world insurance, much higher than their 7% share of the global population. Emerging markets account for over 85% of the world's population but generate only around 10% of premiums. GLOBAL PREMILMS $4.3 NOW TRILLION E. P. Hennock, The Origin of the Welfare State in England and Germany. 1850-1914: Social Policies Compared (2007) Hermann Beck. Origins of the Authoritarian Welfare State in Prussia, 1815-1870 (1995) Bentley B. Gilbert, British social policy, 1914-1939 (1970) J. Owen Stalson, Marketing Life Insurance: Its History in America (Harvard U.P. 1942) Will of Robert Hayman, 1628:Records of the Prerogative Court of Canterbury, Catalogue Reference PROB 11/163 Vaughan, E. J. 1997, Risk Management, New York: Wile J. Franklin, J., 2001. The Science of Conjecture: Evidence and Probability Before Pascal. Baltimore:Johns Hopkins University Press, 259 http://www.iran-aw.com/article.php37id_article=61 Howstuffworks: How Health Insurance Works. http://www.webcitation.org/query?id=1257037376966105. http://www.investopedia.com/articles/08/history-of-insurance.asp#ax zzlazadpvHy http://en.wikipedia.org/wiki/History_of_insurance http://www.aviva.com/about-us/heritage/events-timeline/non-flash/ http://www.thehistoryof.net/the-history-of-insurance.html http://www.irmi.com/expert/articles/2001/klein07.aspx http://www.jstor.org/pss/251881 towergate insurance Towergate insurance is a trading name of Towergate Uncerwrting Group Limiteci regstered in England with company number 4043759. Authorised and regulated by the Financial Services Authority THE HISTORY OF INSURANCE:A TIMELINE Insurance is as old as time itself. THEN TREACHEROUS TRAVELLING 3rd Millenia BC: Chinese merchants traveling treacherous rivers would LOST AT SEA 1750 BC: Babylonians develop an insurance system, recorded in the redistribute their wares 3000sc across many vessels to limit the loss if any should capsize. famous Code of Hammurabi, whereby a merchant, who receives a loan to fund his shipment, would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loạn should the 2000Bc ROYAL ASSURANCE 550 BC: The Achaemenian monarchs of Ancient Persia become the first to insure their subjects. They register the insuring process in governmental notary offices. 1000BC shipment be lost at sea GOOD BOOK 500 BC: SINKING FEELING 408 BC: The inhabitants of Rhodes invent the concept of the general average. Merchants whose goods are shipped together pay a proportionally divided The Talmud 1000 mentions insuring goods. premium which would be used to reimburse any merchant whose goods are jettisoned in order to lighten the ship and save it from sinking. 1100 TALMUD MARINE INSURANCE 14th CENTURY Separate insurance contracts (not bundled with loans or other contracts) are invented in Genoa. The separation of insurance contracts from investment was most frequently used in marine insurance. 1150 1200 LIFE INSURANCE 17, NOVEMBER 1628: The will of the English colonist Robert Hayman mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Worth £100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is life insurance. Hayman's will is not proved until 1633. FIRE OF LONDON 1666: Modern insurance is invented after the Great Fire of London consumes more than 13,000 houses. The fire converts the development of insurance "from a matter of convenience into one of urgency. according to Sir Christopher Wren, who included a site for the Insurance Office" in his new plan for London in 1667. 1250 LLOYDS 1680s: Edward Lloyd opens a coffee house that becomes popular amongst ship owners, merchants, and ships captains. Lloyd's insurance market is born 1300 1350 FIRE INSURANCE 1681: Nicholas Barbon and eleven associates establish England's first fire insurance company, at the back of the Royal Exchange. Five thousand homes are covered by Barbon's Insurance Office. FRIENDLY BEHAVIOUR 17th CENTURY: "Friendly societies" are established in England, in which people donate amounts of money to a general sum that can be used for 1400 Natianal Dupesit Friendly Secity 1450 emergencies. 1500 NOT HALEY'S COMET 1693 Astronomer Edmond Halley publishes an article which leads to the British government selling life insurance. FIRST US INSURANCE 1732: The first insurance company in the United States is formed in Charles Town 1550 (now called Charleston). South Carolina. NEW YORK IS FIRED UP 1787 The first fire insurance FRANKLIN'S INSURANCE 1752 Benjamin Franklin founds the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company refuses to insure wooden houses. The reason? The risk of fire is too great. 1600 company is founded in New York city. Between 1787 NTED and 1837 more than 24 life insurance 100 FF 95594731 A 1650 companies are started, Less than FF 95594731 A 10O six survive 1700 SLAVE INSURANCE 1861 Some insurance companies in the Deep South insure the lives of slaves 1750 for their owners. GERMANY LEADS THE WAY 1880s: Chancellor Otto von Bismarck introduces old age pensions, accident insurance, medical care and unemployment insurance to Germany, forming the basis of the modern European welfare state. EMPLOYEE INSURANCE 1897: The Workmen's Compensation Act in Britain requires employers to insure their employees against industrial mishaps. 1800 PICC PEOPLE'S INSURANCE OF CHINA 1850 SOCIAL INSURANCE 1905. Led by Sir Henry Campbell- Bannerman and the Liberal Party. the British introduce a system of social insurance. 1949. The insurance industry in China is nationalized. Insurance is only now offered by People's Insurance Company of China, 1900 THE MODERN WELFARE STATE 1944: Social insurance becomes the modern British Welfare State. 1950 2000 SINGLE MARKET 1992: The Third Non-Life Directive and the Third Life Directive are passed in the European Union, creating a single insurance market in Europe and allowing insurance companies to offer insurance anywhere INSURANCE REPEALED 2003: In response to bills passed in California and one in Illinois, companies that issued insurance to slave owners for their slaves are forced to search Welcome 2005 to California their records for such policies. New York Life report that Nautilus sold 485 slaveholder life insurance policies during a two- year period in the 1840s. in the EU. 2010 INSURANCE GROWS 2008 Global insurance premiums grow by 3.4% to reach $4.3 trillion. The US and Japan alone account for 40% of world insurance, much higher than their 7% share of the global population. Emerging markets account for over 85% of the world's population but generate only around 10% of premiums. GLOBAL PREMILMS $4.3 NOW TRILLION E. P. Hennock, The Origin of the Welfare State in England and Germany. 1850-1914: Social Policies Compared (2007) Hermann Beck. Origins of the Authoritarian Welfare State in Prussia, 1815-1870 (1995) Bentley B. Gilbert, British social policy, 1914-1939 (1970) J. Owen Stalson, Marketing Life Insurance: Its History in America (Harvard U.P. 1942) Will of Robert Hayman, 1628:Records of the Prerogative Court of Canterbury, Catalogue Reference PROB 11/163 Vaughan, E. J. 1997, Risk Management, New York: Wile J. Franklin, J., 2001. The Science of Conjecture: Evidence and Probability Before Pascal. Baltimore:Johns Hopkins University Press, 259 http://www.iran-aw.com/article.php37id_article=61 Howstuffworks: How Health Insurance Works. http://www.webcitation.org/query?id=1257037376966105. http://www.investopedia.com/articles/08/history-of-insurance.asp#ax zzlazadpvHy http://en.wikipedia.org/wiki/History_of_insurance http://www.aviva.com/about-us/heritage/events-timeline/non-flash/ http://www.thehistoryof.net/the-history-of-insurance.html http://www.irmi.com/expert/articles/2001/klein07.aspx http://www.jstor.org/pss/251881 towergate insurance Towergate insurance is a trading name of Towergate Uncerwrting Group Limiteci regstered in England with company number 4043759. Authorised and regulated by the Financial Services Authority

The History of insurance

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Towergate Insurance, one of Europe’s biggest specialist insurance providers infographic about the origins of insurance and how this has evolved to how we know it today.

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