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The History of Insurance

Is there a report or paper on the history of insurance dating back to Romans, Babylonians, etc.? I need to put together a paper on it. Thank you.

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OTA 105878/Xenia Jones

Introduction: Insurance

Almost every aspect of our lives involves risk management. We have health insurance to look after our medical and healthcare needs as well as all members of our family. In fact, our society is such that we call it 'Risk Society' - a collection of social mechanisms and structures that ensures order, security and development by managing risk - putting in place certain mechanisms that help to alleviate, fight, manage and control the difficulty of an insecure and an uncertain future. We now have a complex system in place and it works as the insurance industry supports hundreds of millions of Americans in facing professional and personal risk. Groups and entities, profit and non-profit have also looked to insurance coverage to manage uncertainties, be they natural or manmade. Personally we have home and property insurance, personal accident insurance, health insurance, etc. as standard coverage. Our bank accounts and savings are ensured federally that when our bank losses the monies we have entrusted to them, the Federal government, being the Federal underwriter, returns the monies to us as part of the bank's insurance system. Even loans and financial transactions can be ensured. For example, soldiers taking on loans before deploying to Afghanistan sign financial security guarantees that, if something happens to them out there, covers their loans so that the bank and the family of the soldier are protected and do not take on the loss. One of the insurance coverage we are all familiar with is car insurance - anyone who drives a car must have some form of coverage, personal accident included with coverage starting from third-party to fully comprehensive. An insurance coverage for just about any risk or any instance can be tailor made to suit the needs of a client. The insurance industry is a big one with global players underwriting and providing policies. Insurance companies are now necessary parts of the financial system and the global economy as risk management is standard in any undertaking. The likes of AIG, Sunlife, Lloyd's of London, Barclays, Nippon and Zurich are just among the many players. In fact one can even say that globalization has created a global risk-averse attitude to multinationals, individuals, countries and societies that globalization carries with it the idea of risk management especially in capitalists. Hence, the idea of Insurance and risk management through it has now penetrated even the third world with applicable concepts to a market 'sprouting' as applications and adaptations of Insurance coverage. In the Philippines and Thailand for example, Pre-need plans have been a big hit. Pre need allows clients to purchase and pay into a coverage for a future purpose. The Biggest Pre-need markets ...

Solution Summary

The solution is a comprehensive look at the history of Insurance from the ancient period (i.e. Imperial China, Rome, Babylon, etc.) through the Middle Ages, Renaissance, Colonial Expansion up to the present. The solution is presented as a 2,226-word APA format essay following a chronological discussion of the development of the concept and practice of Insurance throughout history; references, both web and print, are listed. A word version of the solution is attached for easy printing.