5 interesting facts about insurance

Insurance is a fundamental part of our lives, providing protection and peace of mind against unforeseen events. However, beyond the basic understanding of what insurance is, there are many interesting facts and curiosities that you probably didn’t know. Here are five of them:

The first insurance policy was issued in 1752

The first insurance policy was issued in London in 1752 by a man named Benjamin Franklin. The policy insured homes and buildings against the risk of fire. Since then, insurance has expanded to cover a wide range of risks, including life, health, auto, and property insurance.

The world’s largest insurance policy is worth over $10 billion

The world’s largest insurance policy was issued by a group of insurers to the Kuwait National Petroleum Company in 2014. The policy covers the company’s oil facilities and is worth over $10 billion.

The most expensive insurance policy ever sold was for a painting

The most expensive insurance policy ever sold was for a painting by Pablo Picasso called “The Women of Algiers.” The painting was insured for $250 million in 2015.

The concept of insurance is thousands of years old

While modern insurance as we know it today began in the 18th century, the concept of insurance dates back thousands of years. In ancient China and Babylon, merchants would distribute their goods across several ships to minimize the risk of losing everything in one accident.

Your credit score can affect your insurance rates

Your credit score can have an impact on your insurance rates. Studies have shown that individuals with poor credit scores are more likely to file insurance claims, leading to higher insurance rates for those individuals.