The history of insurance began many centuries ago, what has changed? Who today looks back in the history of insurance companies quickly recognizes that the industry by some first clumsy steps has become an important branch of the economy. Compared to earlier policyholders have the opportunity to compare their insurance policies online and find the best rates today. But 2,000 years ago, the insurance conditions were completely different. The history of the insurance industry goes back far into antiquity. Already in ancient Greece (700 BC), numerous death funds were established. Members could insure against accidents, illness and life. Should die of the insured in the course of time, the members received an insured sum, handshake or prior agreement has been made.
While most policyholders have benefited from the contributions of all those involved. In ancient Rome, many of these funds were established and founded over and over again. That this Associations had to be established over and over again, was first and foremost on the missing financial and mathematical foundations. In the 20th century, insurance companies can operate complex statistics and probability. Please visit Wells Fargo Bank if you seek more information. Policyholders benefit in particular from the exact contributions, which are oriented towards the likelihood of an insured event. This information laid down in ancient flat rate.
Who wanted to become a member, had to pay a fee, and could remain a member of the association with a monthly contribution. But since you could estimate the risk is difficult in this time and again occurred in the large cities of Greece the raids and looting, many people abandoned this insurance. This was mainly because that most insurers could guarantee no performance to their customers in larger insurance cases. Just wars and looting, when several members killed were a safeguard of members was not always guaranteed. In the course of the following years conditions have changed significantly. Policyholders have the opportunity better to survey their contributions through greater transparency. No wonder, then, that there are still many insurers who offer their customers tailored tariffs. This spreadsheet covers not only the life insurance but also the insurance or accident insurance. Life insurance could continue later, continue to evolve in the 19th century. Numerous insurance companies were founded in the early 19th century. They used the latest findings from statistics and stochastics and could guarantee the performance of their customers. Thus, the life insurance for broader strata of the population became more attractive. Policyholders benefited primarily from the different services of risk life insurance and life insurance. Today, financial performance is determined by insurance companies with help from rating agencies. These agencies assess the capacity on a regular basis individual insurers. Insurance companies, which always back positive cut off in these tests, benefit from better reviews. For consumers, the results are always good predictors when it comes to determine the performance of individual insurers. In summary, it can be said so policyholders have a significantly better and more transparent overview of the insurer as it was 2,000 years ago. By the mathematical foundations, policyholders are significantly more secure than even in the Greek and Roman antiquity.