KALEIDOSCOPE OF INSURANCE HISTORY

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Risk

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In antiquity, risk was often seen through the lens of fate and met with acceptance rather than defiance. Protecting against misfortunes was perceived as tantamount to interfering with divine providence.

For millennia, prayers, pilgrimages and donations took the place of insurance. As late as the 19th century, insuring against death was likely to arouse controversy among clerics. But there were acceptable ways of alleviating losses, such as sharing risks within social and business communities. Risk mitigation based on solidarity was widespread among guilds, trade associations and village communities. Most seafaring nations distributed cargo on different ships to hedge against storms and pirates while fraternal organisations provided ex-post, and thus morally acceptable, forms of solidarity.

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