The history of insurance is as old as trade itself. But do you know how it all began?
From the Babylonian merchants, who introduced systems of loans insured against losses, to the Code of Hammurabi, which laid down basic principles of liability and compensation, the desire to protect oneself against the unforeseen has always been a constant.
As society progressed, so did the need for protection. In the Middle Ages, guilds and trade associations in Europe began to form more organised insurance systems. A major milestone was the first documented marine insurance contract, in Genoa, Italy, in 1347. These policies protected merchants against the perils of the sea, which was vital at a time when maritime trade was essential to the economy.
Moving forward in time, we reach one of the most significant events in the history of insurance: the Great Fire of London in 1666. This disaster demonstrated the need for a fire insurance system, which led to the creation of the first modern insurance companies, such as the famous Lloyd’s of London. This event marked a turning point, showing the importance of being insured against major catastrophes.
With the arrival of the 19th century and the Industrial Revolution, the insurance landscape changed dramatically. The expansion of transport and the growth in travel brought new needs with them. It was in this context that travel insurance, as we know it today, began to take shape, with the organisation of group travel and protection against the unexpected. As travel became more common, the need arose to offer specific protection for travellers.
Today, travel insurance is an essential part of planning any trip. It provides cover for cancellations, medical emergencies, lost luggage and much more. Social habits have been changing, and we travel more and more, and for different reasons. That is why, at Coyfer, we are committed to tailored, accessible solutions for all our clients.
Have a good trip and a lovely summer!
