I hope that headline got your attention. The fact that the industry has been able to perpetuate itself for so long throughout the world, considering the sheer amount of obstacles thrown at it, is impressive.
Some believe the first written insurance policy dates back to ancient Babylonia and is contained within the Code of Hammurabi, which specified that a debtor did not have to pay back loans in the event of a personal catastrophe like death, disability or flooding.
This concept was perpetuated over time, with guilds collecting dues from masters and apprentices to cover robbery or damage. It evolved with our more familiar understanding of the famous coffeehouse in London owned by Edward Lloyd.
These events led to the continued evolution of insurance and its eventual growth into the mainstream with products we are familiar with today like auto, home and business.
While this system has laid the groundwork for our modern insurance ecosystem, there are some exciting opportunities in our near future that will modernize, democratize and grow the industry even more over the next 100 years.
