The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" which cared for the families and paid funeral expenses of members upon death.
Life insurance which sell life insurance, annuities and pensions products. Non-life or general insurance which sell other types of insurance.
Insurance in India has its history dating back till 1818, when Oriental Life Insurance Company was started by Europeans in Kolkata to cater to the needs of European community.
The Insurance Act, 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business.
The largest life insurance company in India is still owned by the government.
Aviation insurance insures against hull, spares, deductible, hull war and liability risks.
Automobile insurance, known in the UK as motor insurance, is probably the most common form
of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the
risk of a loss, from one entity to another, in exchange for a premium.