The first methods of providing a form of insurance can be found in Chinese and Babylonian history from the 3rd and 2nd millennia BC. Chinese merchants traveling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system where a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea. These were systems built around communities sharing in hazardous activities. The idea of insurance and community support seems to be lost to the current insurance industry.......
This years global conference was in Hong Kong and was a great opportunity to meet with old friends and to kick off some new business.
For Africa to realise its huge insurance potential, local companies must increase the size of their balance sheets, enhance the quality of their technical training and improve their trans-national reach within the continent itself.
Microinsurance launch their vision for Sharing Economy Insurance, Parametric Insurance and Microinsurance all tied together with straight through processing