Though insurance may have
been used by the Babylonians, the Greeks and the Romans, insurance in the modern sense originated in
the Mediterranean during the 13 th and a
14th century. (1) MARINE INSURANCE: The
marine insurance business probably stared in North Italy by the end of the 12th century. It is a said
that the first marine insurance called . “Polliza” was issued in 1300 in Italy
. In 1300 ., Charter of insurance” was
established in Belgium, . Similar developments took place in other European
countries like Spain, , France , Germany and Holland. In England the
marine insurance was a introduced by
Italian merchants ., (I, e, Lombard
Merchants), who settled in England and
controlled a large portion of British
trade in 15th and 16 the centuries , . Lombard were great traders and in addition to their goods, they brought
with them the marine insurance practice, They were doing their business in the street
of London which was a later on called the famous , “ Lombard street” a popular
place for marine insurance transactions.
The present form if a marine insurance
was developed with the formation of Lloyds Associations in 1692, in London by
one Mr. Edward Lloyd a coffee merchant,
with the publication of Lloyds news.
The merchants dealing with the
marine insurance used to the assemble in the coffee house. The Lloyds
Associations members would undertaken
the marine liability according to their financial position. Even today , Lloyds
Associations forms an important part of the world marine insurance
market. Later on marine insurance , underwent a lot of a changes and finally Marine insurance Act
1906, was a enacted in England., Similar enactments were made in other countries also.
In India, Marine insurance Act was
a enacted in 1963,. The marine
insurance business was nationalized by
forming GIC of India, .
The four public sector general insurance companies and 9 private companies are permitted to undertaken general insurance business including marine insurance. (2). FIRE INSURANCE; The origin of fire insurance can be traced in the 16th century in Germany . In 1609, in Oldenburg, a scheme was made to indemnify in the fire victims by the collecting a certain premium., The real development in the field of the fire insurance took place after the great fire in London In 1666, which lasted for 4 days and 4 nights and destroyed over 13,200 out of the 15,000 hoses and devastated 373 and 460 acres of the city of the London , besides many public building. The first fire office was a created in 1680, in England and later on “Sun Fire” office was a started in 1710. The industrial Revolution gave impetus to the fire insurance business because there was a great expansions of material wealth, machinery etc., sector general insurance companies, of India and few private companies.
The four public sector general insurance companies and 9 private companies are permitted to undertaken general insurance business including marine insurance. (2). FIRE INSURANCE; The origin of fire insurance can be traced in the 16th century in Germany . In 1609, in Oldenburg, a scheme was made to indemnify in the fire victims by the collecting a certain premium., The real development in the field of the fire insurance took place after the great fire in London In 1666, which lasted for 4 days and 4 nights and destroyed over 13,200 out of the 15,000 hoses and devastated 373 and 460 acres of the city of the London , besides many public building. The first fire office was a created in 1680, in England and later on “Sun Fire” office was a started in 1710. The industrial Revolution gave impetus to the fire insurance business because there was a great expansions of material wealth, machinery etc., sector general insurance companies, of India and few private companies.
Prior to nationalization of
general insurance business, out of the 107 branches of general insurance
companies, 92, were doing fire insurance business in India. (3).
LIFE INSURANCE: Life insurance in
it's a modern from is a western concept . The origin of life insurance place in
the England in 16th century with the issuance of the first life insurance
policy, on the life or Mr. William Gybbons of 18th June 1583, The policy was on
issued for one year term. In 18th
century , societies, began to be formed for issuing life
policies. Among such societies
the Amicable Society (1705) the equitable Life Assurance Society (1762),
the West Minister society (1792), were very popular. In India the first life company was started in 1818, as Oriental
life company mainly to provide
protection for widows of Europeans . .
the years subsequent to the Swedeshi
movement saw the emergence of several insurance
companies. At the end of the year
1955, there are were 245 companies and
provident societies out of the
which 16 were non-Indian companies. All the
companies were nationalized in
1956, and brought under one the umbrella
of LIC. . Now 12 private insurance
companies are in the life
insurance business in India. (4).
MISCELLANEOUS INSURANCE: In view of the increasing demand, different forms of miscellaneous insurance
have been developed . Industrial
revolution of 19th Century had
facilitated the development of
the accidental insurance , theft and decoity fidelity insurance etc.,
Recently cattle insurance , crop insurance and consequential loss insurance , industrial insurance ,
engineering insurance , social sector
insurance are gaining popularity in the field of insurance . The scope of general
insurance is increasing with the
advancement of society.