1.1.1.History of Insurance Sector-:
The roots of Insurance might be traced to Babylonia, where
traders were encouraged to assume the risks of caravan trade
through loans that were repaid only after the goods have arrived
safely.
Insurance developed rapidly with the growth of British
commerce in the 17th and 18th century. Prior to the formation of
corporation devoted solely to the business of writing Insurance,
policies were signed by a number of individuals each of whom
who wrote his name and the amount of risk he was assuming
underneath the insurance proposal. The first stock companies to
engage in insurance sector were Charter in England in 1720,
and in 1735 the first Insurance Company in the American
colonies was founded at Charleston, S.C. Fire Insurance
Corporation were formed in New York city (1787) and in
Philadelphia (1794). The Presbyterian Synod of Philadelphia
sponsored (1759) the first life insurance corporation in
America.
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