If we say that the appearance of the human society and insurance is simultaneous, we will not be wrong. There are two economy types in human societies. modern monetary economies (with currency, markets, financial instruments etc.) and non-monetary economies (decentralized and non-standardized natural economies). Natural economies are considered to be more primitive and turning to insurance in monetary modern sense has it beginnings 3 thousand years BC in China. Code of Hammurabi, approximately 1750 BC was recorded and developed in Babylon and this system was practices by merchants that were sailing on Mediterranean sea. In case merchants received some loan to fund their shipment, they would pay the lender more money in exchange for the guarantee of the lender to cancel the loan if the shipment had been lost or stolen.
In Ancient Persia, monarchs were the first to officially insure their people. The registering in notary offices was performed each year at the same time, at the beginning of the Iranian New Year in a way that the heads of various ethnic groups as well as other individuals presented some gifts to monarch. In case gift was worthy (more than 10 thousand Derrik – Achaemenian gold coins) that was registered in a special governmental notary office. Whenever the individual or ethnic group was in trouble, if they were registered, the court would help them. If registered at special office, the person would receive twice as much as he or she presented.
The first insurance company in the U.S. was formed in the 18th century in Charleston, South Carolina. This company underwrote fire insurance and Benjamin Franklin was popularizing and willing to standardize the fire insurance practice. Nowadays, the insurance industry in U.S. is very Balkanized and primary responsibilities and rights are assumed by individual state departments. That is why insurances vary from state to state and for example Atlanta Insurance differ from Florida or South Carolina insurances.
