Insurance History - The Concept of Insurance

The concept of insurance is already known from the days before BC when humans at that time had saved her life from various threats, including lack of food.

One of the stories about food shortages occurred in the days of ancient Egypt during the rule of King Pharaoh. One day the king dreamed that defined by the Prophet Joseph that for 7 years this land will have abundant harvest, followed by times of scarcity during the next 7 years. To guard against famine is King Pharaoh followed the advice of the Prophet Joseph to set aside part of their harvest in the first 7 years as a food reserve in times of scarcity.
Thus, during the 7 years of famine the people of Egypt to avoid the risk of a great famine that struck the country.

In the year 2000 BC merchants and actors in Italy Collegia Tennirium forming a type of insurance agencies that aims to help the widows and orphans of deceased members. Similar associations of Collegia Nititum, then stood with members of the conjunct thrall to the army of the Roman empire.

Each member collects a fee and if one member had the misfortune (Unfortunate) the funeral expenses will be paid by the members of the lucky (fortunate) by using funds that had been collected previously.

Such association is one of the early emergence of the concept of insurance, namely those who are lucky or good fortune to help the people who are not lucky.