The origin of insurance took place several thousand years before the birth of Jesus Christ. Those data that have reached contemporaries from the past have not maintained systematicity about this very reliable form of economic security not only citizens but also of various financial, production and social entities.
It is much easier to restore information about buildings, tools, people and animals, in comparison with data regarding socio-economic relationships in the old days.
The emergence of insurance
According to the finds of archaeologists, we can say that even in the oldest times the dawn of the agricultural economy, people realized the need to build specialized structures in which supplies should be stored for unforeseen cases. We can say that this was the emergence of insurance.
In addition, the literature often mentions some indirect signs of financial and money insurance. For example, five thousand years ago, ancient Sumerians gave their merchants a certain money loan in order to create a common fund in case of loss of cargo or damage to it. Later, the lands of the Sumerians were part of Babylon with his slavery system. This is the territory of modern Iraq. In the days of the Babylonian emperor Hammurabi, there was a law, according to which all participants in the trade caravan covered losses in case of any negative event, for example, the attack of bandits.
This initial form of financial and social insurance was transferred from parents to children, from teachers to students, over time, insurance was growing and improved. This practice also spread among other peoples with which the ancient Sumerians traded and then the Babylonians. The people came to the understanding of the need to introduce the insurance system in various areas of their own life and business activity.
A large number of facts proving the emergence of insurance were also found in the records telling about the life of ancient Rome. For example, a very developed procedure for the Romans funeral required large financial expenses. Poor citizens of Rome could save the amount necessary for their funerals in specialized financial unions. Special laws ensured the use of this money only for the goal set by the depositor. The deposit management was carried out only by a person whose name was called in a will. The richest and most powerful slave owner could not use the means of his deceased slave.