5 curiosities about insurance you probably didn’t know

Insurance is an important part of our daily lives, whether it’s car, health, home, or life insurance. While we know that insurance provides financial protection in the event of an unexpected event, there are many curiosities about insurance that you probably didn’t know.

In this post, we present 5 interesting curiosities about insurance.

The first known insurance was issued in the 14th century in Genoa, Italy

The first known insurance was issued in Genoa, Italy in 1347, during the bubonic plague epidemic. Lenders who financed maritime commercial expeditions began issuing policies to cover the risk of loss of cargo in the event that ships sank or were looted. From there, the insurance business began to grow around the world.

Life insurance is used to cover many types of risks

Although life insurance is primarily known for providing benefits in the event of the insured’s death, it is also used to cover many other types of risks. For example, life insurance can be used to protect a business in the event of the death of a key partner, to provide financing for a mortgage, or to pay property taxes in the event of an inheritance.

Property insurance was popularized by the Great Fire of London

The Great Fire of London in 1666 destroyed much of the city and left thousands of people homeless. To protect themselves from future losses, property owners began purchasing property insurance. This event helped popularize property insurance worldwide.

Pet insurance is becoming increasingly popular

As pets become family members, pet insurance is gaining popularity. Pet owners can obtain policies that cover veterinary expenses, including surgeries and medications, as well as liability in the event that their pet damages someone else’s property or injures someone.

Wedding insurance can cover many unforeseen events

Wedding insurance is used to protect couples in the event of unforeseen events on their big day, such as last-minute cancellations due to illness, extreme weather, or problems with the event venue. These policies can provide financial protection in the event of non-recoverable expenses and help couples plan their wedding with peace of mind.