Mengetahui Sejarah Asuransi Di Dunia - L&G Academy Lesson 2

Summary

In this educational session from L&G Academy, the history of insurance is explored, tracing its origins from ancient Babylon around 1752 BC, where the first insurance concepts appeared under Emperor Hammurabi's laws. The evolution of insurance continued through the Middle Ages with merchants pooling resources for mutual protection and reached a turning point in the 1600s with the establishment of marine insurance, largely facilitated by London's Lloyd’s Coffee Shop. Key milestones, including the Great Fire of London in 1666 and the rise of fire and life insurance, highlight how the modern insurance industry took shape over centuries.

Takeaways

• 😀 Insurance is an ancient concept, with roots tracing back to Babylon around 1700 BC under Emperor Hammurabi.
• 😀 The first insurance agreements were related to the repayment of loans in the event of losses such as shipwrecks or theft.
• 😀 In the Middle Ages (12th–15th centuries), mutual aid funds were created to help people affected by disasters like fires or shipwrecks.
• 😀 The birth of modern insurance began in the 1600s, with the rise of marine insurance as European merchants expanded their trade.
• 😀 The Great Fire of London in 1666 led to the creation of fire insurance policies to protect buildings and property from similar events.
• 😀 Life insurance, although conceptualized in the 1500s, gained more structure and growth in the 1600s with the development of actuarial tables.
• 😀 The discovery of mortality tables by astronomer Edmond Halley in 1693 enabled more accurate life insurance premium calculations.
• 😀 In Babylonian law, the principles of insurance were already established, with provisions for loan repayment in cases of loss or damage.
• 😀 The Middle Ages saw the formation of trade centers in Europe, particularly in Italy, where merchants began to pool funds for mutual support during trade risks.
• 😀 The concept of collecting funds for insurance purposes became more widespread as people recognized the need to protect their ships, homes, and lives from various risks.

Q & A

What is the focus of the first session of L&G Academy as mentioned in the transcript?

The focus of the first session is to learn about brokers, their duties, and various broker positions, starting with the history of insurance.

Is the insurance industry a new concept?

No, the insurance industry is not new. It dates back to ancient times, with evidence of its existence in Babylon as early as 1700 BC.

What was the primary purpose of insurance in ancient Babylon, according to the transcript?

In ancient Babylon, insurance served as a contract that helped protect against losses, such as the repayment of loans if the ship was lost due to a natural disaster.

What historical period marks the beginning of insurance practices in Europe?

Insurance practices in Europe began during the Middle Ages, specifically between the 13th and 15th centuries, where funds were raised to help people affected by shipwrecks, theft, or fire.

How did maritime trade contribute to the development of insurance in Europe in the 1600s?

Maritime trade, especially European ships traveling to new destinations in Asia and the Americas, led to the need for insurance to protect ships, cargo, and crews from risks like sinking or theft.

What significant event in London led to the creation of fire insurance?

The Great Fire of London in 1666, which destroyed many buildings, prompted the creation of fire insurance policies to protect property from similar disasters.

How did Emperor Hammurabi's code relate to insurance practices?

Emperor Hammurabi's code, written in 1700 BC, included laws related to insurance-like practices, such as repaying loans only if profits were made or in case of a total loss due to natural disasters or theft.

What was the role of the Lloyd's Coffee House in the development of modern insurance?

Lloyd's Coffee House in London became a central meeting place for merchants and shipowners to discuss and establish insurance contracts, which led to the creation of the modern insurance market.

What is the relationship between the development of life insurance and the discovery of death tables?

The development of life insurance in the 1600s was greatly influenced by the discovery of modern death tables, which allowed for more accurate risk assessment and premium calculation for life insurance policies.

How did insurance evolve from covering only maritime risks to broader coverage?

Insurance initially focused on maritime risks like shipwrecks and cargo losses, but after events like the Great Fire of London, it expanded to include other forms of insurance such as fire and life insurance.