Tapan Singhel
The rudimentary forms of insurance in the early 1600’s were commercial and marine insurances, especially in regards to shipping goods, since cargo was often lost or damaged or stolen by thieves and pirates. By 1700’s fire insurance began, because buildings and their contents were mostly made of wood, and candles and lanterns were used for lighting due to which massive fires were not uncommon. By the 1800’s and 1900’s, the society and industry started to become far more complex, thus giving rise to many other forms of insurance such as auto and casualty insurance.
Insurance, over the last five hundred years, has emerged as an effective risk management strategy to the changing risks landscape that protects individuals and institutions from financial losses arising out of unforeseen contingencies. Modern insurance has therefore evolved over the years and cast a dense net of basic security to the rapidly changing risks landscape developing newer appropriate versions of protection schemes.
While it has been a constant part of the insurer’s journey to cover every modern peril, traditional portfolios such as motor, health, marine, fire, property…
