Chapte

r2
Evoluti
on of
Insura
nce
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Evolution of Insurance
Earliest form of insurance; marine
trade loans or carriers contracts.
Evidenced in Babylonia and India.
In Rigveda [the most sacred book of
India], reference were made to the
concept of Yogakshema.
Hummurabi and of Manu
shows sharing of losses in
several codes.

Evolution of Insurance

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Marine Insurance
The oldest form of insurance.
Under Bottomry Bond, the system of credit
and the law of interest were developed based
on a clear appreciation of the hazard involved.
If a ship was lost, the loan the loan and
interest were forfeited.
Travelers by sea and land water were very
much exposed to the risk of loosing their
vessels and merchandise because the piracy
on the open seas and highway robbery of
caravans were very common.

Fire Insurance
Originated in Germany in sixteenth century.
After the great fire in England in 1666 when
the fire losses were tremendous. About 85
percent of the houses were burnt to ashes and
property worth of 100 million pound sterling
were completely burnt off.
In 1681 the Fire Insurance Office established in
England.
SUN FIRE OFFICE was a successful fire
insurance institution.
In India, General Insurer started working in
1850 with Triton Insurance, Calcutta.

Life Insurance
First appeared in England in 16 th
century.
The first recorded evidence in England
being the policy on life of William
Gybbons on June 18, 1653.
First registered office of Hand-inHand Society established in 1696.
The famous Amicable Society for a
Perpetual Assurance Office started
its operation in 1706.

Miscellaneous Insurance
With the industrial revolution in England
in the 19th century many forms of
insurance took place in the present world.
Accident insurance
Fidelity insurance
Liability insurance
Theft insurance

Lloyds Association was the main

functioning institution.

"The world's specialist

insurance market"
Type Insurance market
FoundedLondon, England
1688; 326years ago
Founders Edward Lloyd
HeadquartersLloyd's
building,Lime Street
London,United Kingdom
Key peopleJohn Nelson
(Chairman)
Inga Beale (chief executive
officer)
Websitelloyds.com

Kinds of Insurance
Business Point of View

Risk Point of View

Property Insurance

Life Insurance
General
Insurance
Social Insurance

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Marine
Fire
Miscellaneous

Liability Insurance
Other

Personal
Property
Liability
Guarantee Insurance

Kinds Of Insurance From Risk Point Of View

Personal

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Types of Insurance
Organizations
Individual
Self-Insurance
Joint
Partnership
Mutual
Co-operative
Lloyds
State
Stock
Insurance
Companies
Association
Insurer
Companies
Organization

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Insurance Organization in
Bangladesh

IDRAGovt.
Private
Insurance
Deposit
Shadharan
Life
General
Jiban
Insurance
Insurance
Insurance
Insurance
Insurance
Development
System
and Regulatory Authority

Questions
Describe the main kinds of insurance
and examine briefly the nature of
risks protected by each kind of
insurance.
Detail the different kinds of insurance
organizations and illustrate the
merits and demerits of each
organization.
The latest and the oldest form of
insurance is Lloyds one. Illustrate
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