History of Insurance: A Brief Overview

Have you ever wondered about the different types of insurance and how insurance got started? Many of us today simply think of insurance is something that we need to buy in something that will cover us if a situation which arrive such as a car accident, a house fire, or in the worst of situations, death. There are instances where insurance has even been used as a scam to get more money out of people. Despite this, ensure it has been around since the ancient world and will continue to be around longer than any of us.

During the time when traders would travel the globe and hopes of selling all their goods there was much risk involved whether the goods were damaged or broken or the trader was robbed or lost his life while en route. These risks would lead to the original foundation of insurance. Traders would send their goods and items for sale to the original insurance agents who would trade and sell these items on behalf of the original trader. The original purpose of insurance was to shift the risk from one party to another. Traders would also mitigate the risks possible by sending their goods on several vessels to avoid the loss of all the goods if one vessel was raided by pirates or hit by severe weather. Later, in history, the face of insurance slowly shifted to adapt the things that people valued such as their homes or their cattle. One form of early insurance was natural economies. The purpose of this kind of insurance provided mutual aid to the parties involved. One example of this is that if one party’s house was destroyed the neighbors and other parties are legally obligated to help to rebuild it. If you’d like to know more about the history of insurance, there are several articles and books available online.

There are several different types of insurances available for consumers to purchase, however the most basic insurances are: car, life, disability, homeowners or renters, and the biggest one of them all, health insurance. It would help if you compare medigap policies also when choosing between policies. According to Medical News Today The number of people with insurance is decreasing by the millions since 2013 and suggest that Health Insurance is the most important insurance. The site talks about two different kinds of insurance, private and public or government run health care.

In the United States alone, it is estimated by the Center for Disease Control and Prevention at approximately 65.4% of people under 65 have some form of private Health Insurance coverage. On the other hand, there is also a public/government run health care and insurance. With this type of insurance, the government charges a premium for everyone to have universal health care coverage. Some forms of this in the U.S. are Medicaid and Medicare. Insurance, especially health insurance has been around since the 1300s and will continue to aid and help people across the world.

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