History of Non-Life Insurance

history of non life insurance

History of Non-Life Insurance:

There are no exact shreds of evidence of the time and location about when and where the concept of non-Life Insurance began. However, the term योगक्षेम’ (risk) in Rigveda suggests that the concept of insurance had existed in some form in eastern and western societies in ancient times. There are different risk management techniques included in western societies. For instance; “the custom duties and taxes should be imposed to a person on the basis of sales value, purchase value, unexpected costs, travel distance, and risk and security” has been included in the manuscript. This script clarifies that even in ancient times the risk was covered through some means and was even compensated.

Read: History of Insurance in Nepal and in the World

The facts of the business transactions related to insurance are not evident however researchers suggest that the initiation of insurance might have been existing since three thousand years ago in Babylonia and Yunan. As its continuation “Chamber of insurance” was opened in Belgium in 1310 A.D.

The Jews in Italy seem to have started the insurance business in a profitable way. Similarly, immigrants from Italy moved to Britain, France, and Portugal and developed insurance-related concepts. Similarly, in Britain, a street was named Lombard Street because Jews who fled Italy came to some area to conduct business. This is considered to be the most important in the history of road insurance. Coffee Building is regarded as the world’s leading insurance company as it discussed the risks of damage to a building by a marine trader.

Its owner Edward Lloyd played the role of interlocutor. Although commercially, the maritime route was easy and cheap, it seems to have been from the Middle Ages or the 16th century Britain to compensate for its various problems from fire, explosion, etc. At the same time, life insurance was also practiced for the protection of a single-family. The issue of fire insurance and life insurance started here. Yet some time ago, the appearance of insurance was a matter of humanitarian pursuit. Since all single families are at greater risk than families living in the United States at this time, the underdevelopment of life insurance seems to have begun and the development of life insurance is just as important.

References to the history of life insurance in 1583, William Gibbons who had a life span of one year, and died within 11 months was entitled to compensation under the then conditions. At that time, the only condition of insurance was auto insurance termination, unless renewed as it was the only rule of life insurance. Similarly, the mutual life insurance company was established in the 17th century along with the development of insurance. Life insurance companies were established professionally in the eighteenth century with the right use of this.

As a result of which life insurance could be insured for a period of one year to many years, business efforts were followed in the nineteenth century by following the Monartatity Table of Insurance. Thus the insurance business has become as competitive and regular as other businesses. With the rapid introduction of such life insurance, fire insurance was launched from Germany. The Hamburg municipality of Germany provided compensation to the fire victims for any purpose, and its exact duplication was found to be a protective measure only after 1663 A.D.

In 1680 Dr. Nicolas Bobbin established a fire compensation office, renamed the Phoenix Insurance Company. Fire insurance was widely available in the seventeenth century during the Industrial Revolution of Britain. As the eighteenth century expanded its consciousness began to insure other properties as well. Modernized family insurance, motor insurance, health insurance, accident insurance, including natural disaster, was introduced.

In this way, the non-life insurance business is spreading all over the world. Being a successful business and risk-averse to property, insurance began to look like a measure for the protection of industries opened in Nepal in 2006 B.S. The global environment has come into operation very slowly as it is a reaction to the development of consciousness and civilization.

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About Life Insurance In Nepal

Life Insurance in Nepal is a blog that provides information regarding insurance, investing and finance. Moreover, the blog is concentrated on Life insurance.

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