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Early methods[ edit ] Merchants have sought methods to minimize risks since early times. Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. The Babylonians developed a system which was recorded in the famous Code of Hammurabic.
If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen, or lost at sea.
Circa BC, the inhabitants of Rhodes created the ' general average '. This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether due to storm or sinkage.
The first known insurance contract dates from Genoa inand in the next century maritime insurance developed widely and premiums were intuitively varied with risks.
Insurance became far more sophisticated in Enlightenment era Europeand specialized varieties developed. Lloyd's Coffee House was the first organized market for marine insurance. Property insurance as we know it today can be traced to the Great Fire of Londonwhich in devoured film insurance underwriting agencies than 13, houses.
The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for 'the Insurance Office' in his new plan for London in Initially, 5, homes were insured by his Insurance Office.
By the end of the seventeenth century, London's growing importance as a center for trade was increasing demand for marine insurance.
In the late s, Edward Lloyd opened a coffee housewhich became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, and those willing to underwrite such ventures.
These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses.
It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based.
By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on a tradition of welfare programs in Prussia and Saxony that began as early as in the s.
In the s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state.
This gave the British working classes the first contributory system of insurance against illness and unemployment. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable riskthe risk insured against must meet certain characteristics.
Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.
Insurability Risk which can be insured by private companies typically shares seven common characteristics: Since insurance operates through pooling resources, the majority of insurance policies are provided for individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses.
Exceptions include Lloyd's of Londonwhich is famous for insuring the life or health of actors, sports figures, and other famous individuals.
However, all exposures will have particular differences, which may lead to different premium rates. The loss takes place at a known time, in a known place, and from a known cause.
The classic example is death of an insured person on a life insurance policy. Fireautomobile accidentsand worker injuries may all easily meet this criterion.
Other types of losses may only be definite in theory. Occupational diseasefor instance, may involve prolonged exposure to injurious conditions where no specific time, place, or cause is identifiable.
Ideally, the time, place, and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance.Underwriting agencies manage insurance transactions on behalf of their principal insurers, which are based in Australia and overseas.
Many agencies’ security is from Lloyd’s of London. Agencies generally operate in specialist, niche markets, offering an array of insurance products that may not be available from other providers.
Breeze Underwriting has offices in Australia and the UK. We act as agents on behalf of Authorised Local Insurers and Lloyd’s of London. Home Insurance. Your home is one of the biggest purchases you will ever make so good quality Home Insurance is essential.
Multi Award Winning Blue insurance can . Film Insurance Underwriting Agencies Pty Ltd. provides insurance coverage for the film and television industry in Australia and New Zealand. The company’s products cover film producers Location: Level 14 Miller Street North Sydney, NSW Australia.
ProSight Specialty Insurance is a specialty P&C insurance company delivering specialized solutions for customers through limited, exclusive distribution partners.
The company's employees have a long history of underwriting, operations, distribution and claims experience. Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss..
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.A person or entity who buys insurance is known as an insured or as a policyholder.