What is insurance for?

Do you need insurance?
Sooner or later, this question arises for everyone. We can talk about episodic cases – insurance when buying a train ticket, or maybe more serious and even mandatory. It is noteworthy that the history of insurance is rooted in the distant past. In ancient Babylon, merchant ship owners took loans from depositors to equip merchant trips. If a ship did not return, shipowners might not have to repay funds taken on credit. And since this happened quite rarely, lenders more than covered the possible losses with interest received from shipowners. Historically confirmed that in the XVII century in the UK there was an official insurance company. And she also specialized in maritime trade. Continue reading →