As we may be all aware insurance in developed nations plays a major role and function in the economy.
Obviously the biggest buildings in the city are owned by banks but the second largest buildings in any city is owned by the insurance company.
The need for insurance has been as old as commerce itself. And to this objective, it is impossible to obtain a loan from financial institution if a property is not insured.
It proves that indeed insurance is critical especially in this age of uncertainty. Then it is important to note that we should never take a risk more than what we can afford.
Insurance is a risk management tool it is not an investment.
For companies that embrace the idea of strategic planning must also incorporate risks in your decision-making process to improve the way you make decision.
The very first insurance contract was signed in 1347.
Although the concept of insurance can be traced back to ancient civilizations, the first known insurance contract first in 1347 in Genoa, Italy.
Separate insurance contracts, or insurance policies not bundled with loans or other kinds of contracts, were invented in Genoa in the 14th century, along with insurance pools backed by pledges of landed estates.
The word ‘insurance’ originally meant an ‘engagement to marry’
The word ‘insurance’ is derived from the French word ‘ensurer’ and originally meant an ‘engagement to marry’. Over time the word evolved to become ‘assurance’ and later insurance’ with its modern meaning.
Disclaimer: This is not investment advice. All information on this site is intended for educational purposes only. We are not liable for any potential damages that may be incurred from this information. Always consult a risk management professional before insure.