2007-02-02 04:18:24 · 5 answers · asked by Brian O 1 in Business & Finance ➔ Insurance
Insurance was the idea of a man called LLoyd, who freqented the coffee houses of London.These coffee houses were meting places of businessmen, and the main business in London then was shipping. He would listen to the tales of businessmen who had lost their ships at sea, or had their cargoes hijacked by Pirates. LLoyd thought about this and came up with the idea of insuring these cargoes by insuring them for a premium. The first premium paid was for £100 for a ships cargo. Within six months, this business proved so successful that he opened offices in London. He based it ina building near the docks, and named it Lloyds House. That was the start of LLoyds of London which today, has a reputation second to none.
2007-02-02 04:37:29 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The origin was in insuring ships. It started at a coffeehouse called Lloyds, in London. I don't think Lloyd himself was so much responsible, it was his customers.
2007-02-03 00:53:57 · answer #2 · answered by Quixotic 3 · 0⤊ 0⤋
ben franklin started insurance in america, to cover houses against fire. it grew, and the states started regulating it; as a lot of the companies were scamming people, as they do today with state and federal approval! now ins. co.'s exist to basically fund the stock mkt. with OPM (other peoples money).
2007-02-02 16:27:24 · answer #3 · answered by geezer 51 5 · 0⤊ 0⤋
Why didn't you go to wiki & type in 'insurance' ?
Look - I did it for you - just click on the link below ...-
2007-02-02 12:30:10 · answer #4 · answered by Steve B 7 · 1⤊ 0⤋
read the answer of nosdda
2007-02-06 12:01:41 · answer #5 · answered by lm050254 5 · 0⤊ 0⤋