From the outside, it seems miraculous that paying relatively small amounts every month can ensure that if your house burns down, it will be replaced completely, seemingly for free. Yet this wasn’t always the case. The first known Insurance contract or policy, was a marine cover dating from Genoa in the 14th century. For the next few hundred years, Insurance continued to be used almost exclusively in shipping in support of maritime trade. The lessons learned during this period were only applied to general property– and then almost everything else in the last 200years. And it was only in the last 100years that the average man in the street has been able to access defined insurance products for his or her home, movable property or investments.

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