How Property Insurance Began
Ever since human societies were formed, insurance has been existence. In so-called natural economies, insurance is the form of people helping out each other. Modern insurance, however, were started by the Chinese and Babylonian who had methods of transferring or distributing risk. Property insurance is said to begin after the Great Fire of London in 1666 destroyed 13,200 houses. After which, Nicholas Barbon opened his office which insured buildings.