What is regarded as the oldest form of insurance?

Ocean marine insurance is considered the oldest form of insurance, dating back to ancient times when traders needed protection against the perils of the sea. This type of insurance originated with maritime merchants who sought to safeguard their hard-earned investments from common risks such as shipwrecks, piracy, and natural disasters. The historical significance of ocean marine insurance lies in its foundational role in the development of insurance practices as we know them today.

The evolution of ocean marine insurance was crucial for facilitating trade and commerce by providing a safety net for merchants. This increased confidence allowed economies to grow, making it essential during earlier trade periods when the loss of a ship could devastate a trader's wealth. The various principles and structures established in ocean marine insurance have influenced other forms of insurance that followed, including fire, health, and life insurance.

Health, fire, and life insurance, while important, evolved later and were built upon the foundational concepts first introduced by marine insurance. Therefore, recognizing ocean marine insurance as the oldest form of insurance highlights its pivotal role in shaping the insurance industry as a whole.