Risk protection has been a primary goal of humans and
institutions throughout history. Protecting against risk is what
insurance is all about.
Over 5000 years ago, in China, insurance was seen as a preventative measure against piracy on the sea. Piracy, in fact, was so prevalent, that as a way of spreading the risk, a number of ships would carry a portion of another ship's cargo so that if one ship was captured, the entire shipment would not be lost.
http://www.myallagents.com/The-History-Of-Life-Insurance/details.html
Over 5000 years ago, in China, insurance was seen as a preventative measure against piracy on the sea. Piracy, in fact, was so prevalent, that as a way of spreading the risk, a number of ships would carry a portion of another ship's cargo so that if one ship was captured, the entire shipment would not be lost.
http://www.myallagents.com/The-History-Of-Life-Insurance/details.html
