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Tuesday, 25 August 2015

Insurance

The first insurance contracts were created around 4,500 years ago by merchants in Ancient China in case goods were damaged at sea.


When insurance on ships and their cargoes was introduced in 14th-century Europe, it met opposition on the grounds that it was an attempt to defeat financial disasters willed by God.

Hamburger Feuerkasse was established in Hamburg, Germany on December 17, 1676. The first officially established fire insurance company in the world, it is the oldest existing insurance enterprise available to the public.


The first successful insurance scheme in the UK was The Insurance Office for Houses founded by Nicholas Barbon in 1681.

The Amicable Society was founded in London in 1706 by William Talbot (Bishop of Oxford) and Sir Thomas Allen, 2nd Baronet. It is considered the first life insurance company in the world.

:Amicable Society for a Perpetual Assurance Office, Serjeants' Inn, Fleet Street, London, 1801
Benjamin Franklin established his Philadelphia Contributionship for the Insurance of Houses from Loss by Fire in 1752. It was the first ever insurance outfit to be established in America.

The first ever travel accident policy was issued in July 1864. The Travellers Insurance Company issued the policy to James Batterson, who also received the first general insurance policy issued by the firm.

The first motor insurance policies were issued in Britain in 1896, but they excluded damage caused by horses frightened by the new "horseless carriages".

The first motor insurance policy issued by Lloyd's of London described the car as a “ship navigating on land.”

The Travelers Insurance Company of Hartford, issued the first automobile insurance policy in America in 1898. Dr. Truman Martin of Buffalo, paid $11.25 for the policy which gave him $5,000 in liability coverage.

The Apollo 11 astronauts didn't have life insurance, so they signed hundreds of autographs and sent them to their families to sell if they died.

Alien abduction insurance has been available in the USA since 1987.

Tom Clancy wrote The Hunt for Red October in his spare time while working as an insurance salesman.

Lloyd's of London issued the first ‍ever insurance policy to protect Santa Claus. The policy covers Santa until December 25th in the event of accident and illness, in the run up to and during his worldwide travels to deliver presents to good children.

I Japan, avid golfers buy insurance to protect themselves on the course. They purchase it because if they get a hole-in-one, they have to buy gifts and drinks for their friends. The policy covers them for a party worth up to $4,900.

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