4 insurance curiosities

Insurance is considered a useful and comprehensive form of coverage that has spread around the world for several years. The person must go to an insurer, state that they want an “insurance premium”, and receive in exchange a financial compensation or a service for any situation that arises within the term of that policy.

Are there risks when taking out insurance?

There are some risks that people take when hiring an insurance company, these can be:

• It cannot be known with certainty whether or not a catastrophic or emergency event will occur.
• It must be specific, meaning it can be described exactly what needs to be covered so that when a problem occurs it can be solved quickly.

Now, we will detail a series of curiosities about this service:

• For the year 3,000 B.C., the Chinese invented gunpowder, for this reason they needed a backing that would allow them to take care of their merchandise against the disasters that could cause using it.

• The first evidence of the existence of insurance is through the Phoenicians, who created the first insurance companies based on trade.

• The first forms of our modern life insurance can be found in the kings of ancient Persia, who insured their subjects.

• The first policy on record is from the year 1347.