15. The Code of Hammurabi Has the First Insurance Policies
Today, our insurance policies have shape-shifted dramatically, but they owe their existence to the Code of Hammurabi, a 1750 BCE manuscript that documented the world’s very first insurance policies. They safeguarded the precious cargo of Babylonian ship merchants.
The traders would secure loans and agree to pay a “forgiveness fee” to lenders if their cargo took an unexpected dive into the deep. So when you’re dealing with insurance paperwork today, remember that you can thank Ancient Mesopotamia for it.
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