Page 12 - Ebook IC S01
P. 12
Survey And Loss Assessment IC-S01
Origin/ Development of Insurance
Need for insurance :
From cave age till date, the story of evolution of mankind is in fact a saga of
continuous search for security. His problems have remained the same through the
centuries though the form has changed with the changes in economic and social
circumstances.
When men lived in caves, he searched for security against animals, because they
could kill him while asleep. He was not sure, he could hunt every day and get his
food. He lived in a group or tribe so that other members of the tribe could come to
help in times of crisis. The system of family was the product of a similar need and to
seek comfort and security against sickness.
Protecting ones asset has been a continuous search not only of individuals but also of
groups of people. Theft, fire, flood etc. have been a scourge against mankind. Man
earns investing his time, strength and intelligence. He also needs other instruments
like vehicles, factories, ship for transportation, production and trade. Each of these
resources are valuable and augment the creation of further wealth.
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