Insurance History

The concept of insurance has actually been known since pre-BC in which men in those days had saved his life from various threats, including food shortages.

One story about food shortages occurred in Ancient Egypt during the rule of King Pharaoh. One day the king had a dream which was interpreted by the Prophet Joseph during the seven years that Egypt will experience a bountiful harvest and then followed by a period of famine during the next 7 years. For on the watch against disaster hunger such  King Pharaoh follow the advice the  Prophet Joseph with setting aside partly from outcome harvest on 7 years of first as backup food ingredients during a famine.

Thus the 7-year famine in Egypt people avoid the risk of severe famine that hit the entire country.

In 2000 BC the merchants and actors in the Italian form Tennirium collegia, which is a kind of insurance agencies that aims to help the widows and orphans of its members who died. Similar associations are collegia Nititum, then stood with members of the young slave who was seconded to the army of the Roman Empire.

Each member collects a fee and if a member had the misfortune (unfortunate) the funeral expenses will be paid by members of the lucky (fortunate) by using funds that had been collected previously.

Such association is one of the early emergence of the concept of insurance, namely those who are lucky or good fortune to help people who are not lucky.