Evolution of Insurance
The insurance industry transformed from companies protecting their own interests to the establishment of municipal fire departments, driven by the need to manage risk. The emergence of actuarial science in the 18th century allowed for more accurate assessments of risk, leading to the creation of mutual insurance companies. As the industry evolved, the introduction of accident insurance laid the groundwork for modern policies, while reinsurance emerged as a safeguard against catastrophic events.In this clip
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The History of Insurance
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