We understand that Insurance topic usually comes out as boring and uninteresting, but here are some insurance facts that might make you think differently. We have been crawling through the internet to find and curate some interesting Insurance facts that we are sure you must be unaware of, check them out below:
- The word ‘insurance’ is derived from the French ‘ensurer’ (en ‘make’ + sur ‘secure’) and originally meant an ‘engagement to marry’. Over time the word evolved to become ‘assurance’ and later ‘insurance’ with its modern meaning.
- Modern day insurance was born in the flames of the Great Fire of London. Until the middle of the 17th century insurance was largely restricted to shipping, but in the aftermath of 1666 underwriters began offering protection for buildings and later expanded into other areas of business.
- The first documented system of insurance can be found in Code of Hammurabi a Babylonian text dating back to 1750 BC. The legal code allowed merchants to pay a fee to safeguard the shipment of marine cargo against loss or theft.
- Today insurance comes in all sorts of shapes and sizes, but perhaps one of the most peculiar policies is ‘hole-in-one’ insurance. Golfers can add ‘big tournament tension’ to their games by offering serious prizes (up to £1million) for anyone who gets a hole-in-one.