Protecting oneself from hardships and misfortune is a very common concept that has been prevalent for thousands of years. In the 2nd millennium BC, the ancient Babylonians introduced a system that protected both merchants and their patrons against theft or loss.1 This is one of the earliest recorded examples of insurance,1 simply defined as when one party indemnifies or guarantees another against loss by a specific incident or hazard.2
Not surprisingly, the origins of health insurance and life insurance can be attributed to the Greeks and Romans.1 In imperial Rome and later in the craft guilds of medieval Europe, a system was implemented that assisted the families of injured or ill members.3 Circa 600 AD, the Romans implemented a basic form of life insurance, whereby they would pay the funeral expenses and family members of the deceased.1
The reach and scope of insurance began to expand in medieval Europe. As trade grew in 14th century Europe, marine insurance became more and more commonplace.4 The first known insurance contract was a marine insurance document from Genoa, Italy dating back to 1347.4 Lloyd’s of London began to take advantage of the growing need for marine insurance and quickly blossomed into one of the first insurance companies.4 The Great Fire of London in 1666 engulfed more than 13,000 houses and led to the creation of the first fire insurance company known as “The Fire Office.”1
Shortly thereafter, the growing insurance movement crossed the Atlantic. The first American insurance company also provided fire insurance and was established in Charleston, S.C. in 1732.4 In 1752, Benjamin Franklin instituted the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire and was instrumental in helping insurance, particularly fire insurance, become well-accepted in the United States.1 Once insurance companies became established and began to prosper in the U.S., other companies providing health insurance and other benefits quickly followed.
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