Insurance Through the Ages: A 3000-Year Journey of Innovation and Resilience

Summary

This blog examines the evolution of insurance from its ancient roots in Babylonia and China through early Greek, Roman, and maritime practices to modern state, trade, and U.S. innovations. It highlights key historical moments like the Code of Hammurabi, Lloyd's of London, and advances brought by technology and regulation, showcasing how insurance has adapted to societal changes and emerging challenges.

Key Takeaways

Insurance evolved from ancient risk management to a modern, regulated global industry.
Early developments include practices in Babylonia, China, and classical societies.
Key moments like the Great Fire of London spurred innovations such as fire and cargo insurance.
Modern innovations incorporate technology, insurtech, and evolving regulatory standards.