Get to know the history of insurance and what the development in the world is like
Insurance in the Year 3000 – 2000 BC
Insurance, which is currently to divert risks, has apparently been used by merchants and merchants in China and Babylonia (Iraq) since pre-BC times. In ancient times, merchants who inhabited the vicinity of the Euphrat and Tigris river valleys used ships as a method of sending goods and applied guarantees in trading.At that time, it was common for merchants or creditors to provide money loans with ship guarantees. The shipowners or money borrowers will be exempted from debt if the ship survives the expedition. Then, the amount of money paid turns out to serve as a mandatory premium that must be paid on the amount of money already received.
The Development of Insurance in Babylonia
The trading system in Babylonia developed precisely when king Hammurabi ruled. The insurance system is also developing, it can be seen that if something happens because the borrower cannot return the money, the borrower will be exempted from payment.When compared to today's insurance system, we can think of it as an insurance policy where there is an agreement between the two parties that bind each other to fulfill rights and obligations. This insurance policy during the reign of king Hammurabi was known as the Hammurabi code in 1750.
Insurance in the European Middle Ages to the Era of the Industrial Revolution (1400-1800)
The history of insurance can also be seen from the middle ages of the European historical period to the time of the industrial revolution when insurance spread to America rapidly. In this day and age, the trade unions did live in unfit conditions where the capitalists had more power. Due to these unfavorable conditions, the workers' communities have formed what is called "group protection" to protect one another.When there are labor members who have a lot of debt and are unable to pay, then other members help solve the debt. In the insurance system, we know that there is a principle of distribution of risks that are covered jointly.
Insurance in the UK Starts from Export-import Activities
In the late 1600s, insurance also began to develop in London when the British empire began export-import activities with its colonies. At that time there was an official exchange belonging to the British empire known as Lloyd of London. From there, the practice of underwriting began to occur and this Lloyd of London served as a bridge for merchants and capital owners to get insurance protection. 50 years later, there was a Frenchman, Blaise Pascal invented the probability calculator and the first actuarial table that is still used today to calculate insurance rates.Insurance Products Began to be Widely known in 1666
In 1666 fire and life insurance products became known after a fire that destroyed about 14 thousand buildings and an outbreak that swept through London before the devastating fire. This fire insurance was initiated by the guarantor group. After that, life insurance appeared until it was in demand by Europeans and Americans.Travel Insurance in Indonesia
The development of insurance in Indonesia is divided into two periods, namely during the Dutch colonization and after independence.Insurance in the Dutch Colonial Era
The development of insurance in Indonesia originated from developments in European countries which were then brought during the Dutch colonial period in Indonesia around the 1800s. The insurance company established by the Dutch government is devoted only to certain people such as the elite group and the Dutch themselves. The purpose of insurance is to support their trade and business interests.In 1845, the Dutch established an insurance company in Indonesia under the name Nederlandsch Indisch Leven Verzekering En Liefrente Maatschappij (NILMIY). The company then administratively used its existing parent in the Netherlands. Insurance products of that time were intended for fire and transport insurance.
Insurance After Independence
After the Indonesian nation became independent, insurance began to develop and could be felt by indigenous people. Dutch-owned insurance at that time was taken over by the Indonesian government and renamed PT Asuransi Jiwasraya and followed by Asuransi Jiwa Boemi Putra in 1912.After independence, it turned out that there were also insurance mergers in Indonesia such as Galindo insurance. For the welfare of the Indonesian people, the Indonesian government created new insurance companies such as Asuransi Jasa Rahardja (focusing on lakalantas risk), Perum Taspen (insurance and savings for civil servants), Perum Asabri (for AKABRI), and Jamsostek (for private company workers).
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