12/05/2022
DID YOU KNOW?
Insurance, in some form or another, has existed since the dawn of civilization. Bottomry contracts were known to Babylonian traders as early as 4000–3000 BCE. Bottomry was also performed by Hindus about 600 BCE, and it was extensively understood in ancient Greece by the 4th century BCE.
A bottomry contract provided merchants with loans with the proviso that the loan would not have to be returned if the shipment was lost at sea.
The insurance risk was covered by the loan's interest. The bottomry contract, in which an article of agreement is set out and cash is deposited with a money changer, was recognized by ancient Roman law. In the 15th century, marine insurance developed significantly.
There were also burial organizations in Rome that collected monthly dues to cover the costs of their members' funerals. Early on, the insurance contract emerged. It was well-known in ancient Greece and other maritime nations that traded with Greece.
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CTTO: https://www.britannica.com/topic/insurance/Historical-development-of-insurance
