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What if money is transferred to someone else’s account by mistake?
Marine insurance is the oldest form of insurance followed by life insurance and fire insurance. The history of insurance can be traced back to the early civilization. As civilization progressed, the incidence of losses started increasing giving rise to the concept of loss sharing. The Aryans through their village co-operatives practiced loss of profit insurance. The code of Manu indicates that there was a practice of marine insurance carried out by the traders in India with those of Sri Lanka, Egypt and Greece. The earliest transaction of insurance as practiced today can be traced back to the 14th century A.D. in Italy when ship was only being covered. This practice of Marine Insurance gradually spread to London during 16th century. The history of Marine Insurance is closely linked with the origin and rise of the Lloyd’s ship-owners.
Marine traders, who used to gather at Lloyd’s coffee house in London, agree to share losses to goods during transportation by ship. The Lloyd’s Act was framed to set up the Lloyd’s by whom they were empowered to transact other classes of Insurance. Today, Lloyd’s is regarded as the largest insurance underwriter in the world. The first insurance policy was issued in England in 1583. Insurance occupies an important place in the modern world because the risk, which can be insured, have increased in number and extent owing to the growing complexity of the present day economic system. It plays a vital role in the life of every citizen and has developed on an enormous scale leading to the evolution of many different types of insurance. In fact, now a day almost any risk can be made the subject matter of contract of insurance.
The different types of insurance have come about by practice within insurance companies, and by the influence of legislation controlling the transacting of insurance business. In India, insurance started with life insurance. It was in the early 19th century when the Bruisers on their postings in India felt the need of life insurance cover. It started with English Companies like. ‘The European and the Albert’. The first Indian insurance company was the Bombay Mutual Insurance Society Ltd., formed in 1870. In the wake of the Swedish Movement in India in the early 1900s; quite a good number of Indian companies were formed in various parts of the country to transact insurance business. To name a few: ‘Hindustan Co-operative’ and ‘National Insurance’ in Kolkata; ‘United India’ in Chennai; ‘Bombay Life’, ‘New India’ and ‘Jupiter’ in Mumbai and ‘Lakshmi Insurance’ in New Delhi.
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