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The first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. [35] These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance.
The concept of mutual insurance originated in England in the late 17th century to cover losses due to fire. [1] The mutual/casualty insurance industry began in the United States in 1752 when Benjamin Franklin established the Philadelphia Contributionship for the Insurance of Houses From Loss by Fire. [ 1 ]
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Actuarial science became a formal mathematical discipline in the late 17th century with the increased demand for long-term insurance coverage such as burial, life insurance, and annuities. These long term coverages required that money be set aside to pay future benefits, such as annuity and death benefits many years into the future.
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In the early part of the 17th century, customs steadily increased from £127,000 in 1604 to nearly £500,000 in 1641 due to the growth of English trade, the adoption of new books of rates—1608 and 1635—the fixing of higher valuations and also the inclusion of new commodities, in particular, wine, currants (the subject of controversy in ...