Insurance History
Insurance as we understand it now might be associated to the Huge Fire of London, which in 1666 devoured 13,200 houses. Fallowing this disaster Nicholas Barbon opened an office to insure buildings. In 1680 he established England’s first fire insurance company, “The Fire Office”, to insure brick and frame homes. The first insurance firm in the United States provided cover against fire was founded in Charles Town (nowadays Charleston), South Carolina, in 1732.
In 1752, Benjamin Franklin formed the Philadelphia Partnership for the Insurance of Houses from Loss by Fire. They refused to insure certain homes where the risk of fire was too Great, such as all wooden houses.
Insurance Principles:
The timing or occurrence of a damage must be unknowen. The value of damages need to be very knowable. In order to set premiums or in other words to calculate prices, insurers ought to be able to estimate them. Insurers want to understand how much They would be required to pay once the insured event occurs. Virtually all kinds of insurance have maximal levels of payouts, with a bit of exceptions like health...
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