The history of insurance dates back to ancient civilizations, where merchants used risk-sharing to protect their goods. The Babylonians introduced the concept of "bottomry," ensuring loans on ships. In the 14th century, marine insurance evolved in Italy, paving the way for modern policies. The Great Fire of London in 1666 led to formal insurance companies emerging, providing coverage for property losses. Today, insurance is a vital economic tool that encompasses health, life, auto, and more.
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