- Origins: Insurance can be traced back to ancient civilizations, such as the Babylonians and Greeks, who used systems of risk-sharing.
- Marine Insurance: The modern concept of insurance began with marine insurance in 14th-century Italy.
- Rise of Modern Insurance: In the 17th century, Lloyd’s of London began offering marine insurance, becoming a central hub for insurance markets.
- Regulation and Government Involvement: Over time, governments began to regulate insurance, leading to the structured industry we have today.
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