How It All Began

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How It All Began

Insurance is a common practice among most all people, be it for their homes, their cars, or themselves. It’s seen everywhere from the internet, to commercials, to sponsoring our favorite sporting events. But how did insurance premiums worldwide totaling $4.34 trillion get its start.

The main concept of insurance – that of spreading risk – has been around as long as human existence.The first written insurance policy appeared in ancient times on a Babylonian obelisk monument with the code of King Hammurabi carved into it. The “Hammurabi Code” was one of the first forms of written laws. These ancient laws were extreme in most respects, but it offered basic insurance in that a debtor didn’t have to pay back his loans if some personal catastrophe made it impossible. Guilds are the second group credit with having insurance like policies for their people. Masters paid dues to the guild and in turn, if something were to happen to their shop be it fire or robbery, the guild would use these funds collected to help restore what was lost by the master.

The idea of “insurance” is one that has existed for a long time, but now a days its much more than complex than basic protection from catastrophe or paying guild dues. If there are any questions you may have about different insurance policies and what they can do for you, call Duncan Financial Group at (724)863-3420, to have any and all of your questions answered