Have you ever wondered where insurance actually came from? Who were the first people to be insured – and why? Insurance is one of those things we tend to take for granted. It just seems to have always been there. The history of insurance is an interesting one, but the basic idea has always been the same. The Merriam-Webster Dictionary describes insurance as, “coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.” So the basis of insurance is “guarantee against loss”.
