Insurance has developed time to time for centuries. There are several phases that played important role in the services.
Tracking Insurance in Ancient History
In ancient world, people spare some of their wealth as part as survival matters. This was started when Babylonian and Chinese cruised the sea and wide river for trade and survival. Chinese in early centuries keep their wealth at several vessels as their survival in dangerous trip, while Babylonian paid certain mount of money as loan in their shipment as guarantee for the lost shipment, so the loan will be cancelled whenever bad things happened. This type of ancient insurance was also applied in Rhodes small society where they paid certain amount of shipment fee as lost guarantee.
The Achaemenian monarchs, the early Iranian society were the first society who insured their people by registering themselves in government notary offices. These people insured certain amount of gold coins named Derrick as gift to the government.
The special gift, which cost 10,000 Derrick, is covered annually in special ceremony. The special gift was beneficial for those person, when they needed big amount of money in urgent to pay the important thing; such as wedding, health problem, funeral or ceremony which paid in twice amount by government from the special gift they insured.
In social society; such as ancient Romans, Greeks, and England, insuring certain amount of money were referred for collective matters; such repairing houses, public facilities, and many others.
In ancient Maritime societies, certain amount of money was covered in case of bad things happened in their voyages, such lost ship or storm accidents.
Insurance Development in Early Modern Societies
In early modern societies, insurance grew in more sophisticated ways. The payment of voyage insurance was differentiated into several services, and they printed pass book as insurance proves.
The development also happened in several societies, such as early modern England societies which provided two type of insurance; maritime insurance and life insurance. This society also became the centre of maritime insurance since maritime insurance demand increased rapidly among maritime society. Early England society was also popular as meeting point of thousands voyagers worldwide where they shared information, including the insurance payment.
Health insurance was first introduced by Chamberlen family member that include accident insurance as part of life insurance.
Insurance Development in Industrial Societies
When American society introduced fire accident risk insurances, many kinds of insurance grew, the risk coverage much varied, and the registering process were more secured.
In industrial society which has more complex social structure, insurance applied as many social purposes. In American societies insurance applied as government tools to control population, business organization and as a way to ask people paying tax. We can say that insurance in modern society is beneficial as responsibility for personal security.
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