The Origins of Insurance
The Origins of Insurance
Insurance is a great idea as it protects us from any accidental damages that may occur to our possessions and lets us sleep easy knowing that we are covered for any accidents that might happen whether it be accidental damage, flooding or a fire in the home.
It has existed in different ways for thousands of years, for example in rural areas if someone's house burns down the neighbours will all pitch in to help rebuild it. this has happened for hundreds of years, and this is the first kind of insurance that we can locate historically, coming right through to the present day where you request a quote and pay a premium. Then, if your home burns down you make a claim and get some money to the cost of the rebuild.
In 600 AD an insurance pot was set up in the UK where people would become members of friendly societies' where each of them would put money in and if something happened, it would be disbursed to the person in question. This was an original kind of insurance payout to safeguard the homes and families of the people involved.
London is the birthplace of buildings insurance, as after the great fire of London in 1666 a fire office' company was started. The great fire of London destroyed over thirteen thousand buildings and therefore the citizens positively responded to some sort of insurance!
In the UK, home insurance premiums have risen due to flooding and other natural disasters, and in America Hurricane Katrina forced Home Insurance premiums up for citizens. Australia and New Zealand have also seen a rise since the foloodings and earth quakes that have happened in recent months in Australasia. Homes now need to be protected from events that are classed as natural disasters as global warming and weather have changed and are now a lot more dangerous.
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