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This is a story that goes back as far as the Roman Empire.
At the time, there was evidence that there was a funeral society in Rome known as the Burial Club. These societies provide financial support to cover the cost of a member’s death.
What do we call insurance?
Insurance is a system whereby a large number of people are expected to take a risk and build a general fund and then indemnify certain people at risk.
Such a system has been maintained by these societies.
In China around 3000 BC, a similar insurance scheme was introduced.
A group of Chinese merchants used this insurance scheme to mitigate the risk of moving their merchandise boats in the Yangshi River.
Then, in the post-industrialized era, commercial associations were formed in England and they have raised a fund to assist in the death of its members.
In 1583, however, the world’s first life insurance policy was obtained by a man named William Gibbons.
When Sri Lanka came under the rule of the sunless sunset, we introduced insurance to our country too.
Initially, the insurance business in Sri Lanka operates through a foreign agency, but the agent in Sri Lanka is the agency house that controls the plantation sector in Sri Lanka.
Insurance history in sri lanka
Sri Lanka Insurance was incorporated by a special act of Parliament in 1961. It was formed by nationalizing the insurance industry which was run by various local and foreign private companies.
On 4 June 2009, the Supreme Court of Sri Lanka annulled the sale of Sri Lanka Insurance Corporation in 200