The history of insurance is as old as commerce itself. But do you know where it all began?
From Babylonian merchants, who developed loan systems protected against losses, to the Code of Hammurabi, which established basic principles of liability and compensation, the desire to safeguard against the unexpected has always been a constant.
As society progressed, so did the need for protection. In the Middle Ages, guilds and trade associations across Europe began to establish more organized insurance systems. A major milestone was the first documented marine insurance contract in 1347 in Genoa, Italy. These policies protected merchants from the perils of the sea—a crucial concern in an era when maritime trade was vital to the economy.
Moving forward in time, one of the most significant events in insurance history occurred: the Great Fire of London in 1666. This disaster highlighted the need for fire insurance, leading to the creation of the first modern insurance companies, including the renowned Lloyd’s of London. The event marked a turning point, demonstrating the importance of being covered against large-scale catastrophes.
With the arrival of the 19th century and the Industrial Revolution, the insurance landscape changed dramatically. The expansion of transportation and the rise of travel created new needs. It was in this context that travel insurance—as we know it today—began to take shape, offering protection for group trips and unforeseen events. As travel became more common, specialized coverage for travelers became increasingly necessary.
Today, travel insurance is an essential part of planning any trip. It provides coverage for cancellations, medical emergencies, lost luggage, and much more. Social habits have evolved, and we now travel more often and for a wider variety of reasons. That’s why, at Coyfer, we focus on providing personalized, accessible solutions for all our clients.
Wishing you safe travels and a wonderful summer!