The origin of Insurance was marriage engagement!
Yes, you heard right. The word “insurance” is derived from the French word ‘ensurer’ and originally meant an ‘engagement to marry.’
Over time, the word evolved to become ‘assurance’ developing into ‘insurance’ with its modern meaning.
The official concept of the term insurance can be traced back to ancient civilizations. In fact, the first known Insurance Contract was signed in 1347 in Genoa, Italy. This initial implementation of insurance was used for loan-related policies and insurance groups backed by real estate promises.
Insurance evolution: Alien Abduction Insurance since 1987
Insurance became increasingly popular in the United States as people began insuring different objects, body parts, and personal property.
In 1987, the peak of Insurance madness reached an extreme. Alien Abduction Insurance, also known as UFO insurance, was born to cover Americans in the possible event of abduction by non-human life forms. This insurance proposal provided the terms and conditions of a policy and apply only when conditions have substantiated proof.
This novelty coverage was such a success that UFO Abduction Insurance Company in Altamont Springs, Florida, sells $10,000,000 alien abduction policies. Today, the company has actually paid claims and has sold over 100,000 policies.
Nerds and Geeks are writing the future of Insurance
Today, we proudly celebrate an industry that was born on the concept of commitment and that has demonstrated its versatility by ensuring even the most unthinkable situations.
According to the Educational Center Insurance Library,“Insurance has been innovating from the beginning and the changes in the industry are the result of taking risks to adapt into different legacy systems.”
In this scenario, the future will be written by the young generations of Insurance Lovers that will adapt the current system according to specific needs that will emerge in the years to come.
A recent study from Pew Research Center indicated that Gen Z will be the generation to lead the new Insurance World. In their words,“this is the most educated and comfortable with technology generation.”These young ‘Geeks’ will bring to the Insurance Industry the ability to embrace change and to think differently.
Happy Insurance Nerd Day!
Every year, Insurance Nerd Day events underscore the importance of Insurance by helping people and businesses protect what matters to them the most. The common goal of the insurance industry in the future would be to stop considering Insurance as a commodity and focus instead on being a useful tool at the service of the people.
As long as there are Insurance Nerds who love what they do and are committed to the common good, we have no doubts that this wonderful world of Insurance will continue to grow.
For all the Insurance Lovers out there, happy Insurance Nerd Day! Let’s keep adopting innovative technologies and working together towards continuously improving this important service to society.
