Page 18 - Ebook IC S01
P. 18
Survey And Loss Assessment IC-S01
Brief history of insurance
Insurance has been known to exist since 3000 BC
Chinese and Babylonian traders practiced concept of insurance since long
The Greeks started benevolent societies in the late seventh century A.D. to take
care of funeral and families of members who died early
A formal insurance company was first formed after the great Fire of London in the
year 1666 named as fire office (1680)
The origin of modern day insurance can be traced back to the Lloyd's coffeehouse
in London where the traders met regularly to share their losses of goods carried
on them by sea.
In India insurance first started in the year 1800 in form of Marine insurance
business
The first life insurance company to be set up in India was an English company, the
Oriental life insurance company Ltd.
The first non-life insurer to be established in India was Triton insurance company
The first full-fledged Indian insurance company was Bombay mutual assurance
Society formed in the year 1870 in Mumbai
Indian insurance companies were established as a result of swadeshi movement
in India
The life insurance business in India was nationalised in the year 1956
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