The methods to move or risk distribution by the Chinese and Babylonian traders long ago as 3rd and 2nd millennia BC respectively. The Chinese merchants traveling treacherous river rapids redistribute their wares across many vessels to limit losses caused by the sinking of any one's ship. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by the early trader’s time to sail the Mediterranean Sea. If the merchant received a loan to fund his shipment, he would pay an additional bank guarantee in exchange for the lender to cancel the loan must be stolen shipment, or lost at sea.
At some stage of the millennium 1ST BC, Rhodes residents create a "general average". This allowed traders to pay and secure their goods being shipped together as a group. The premiums collected will be used to repay any dealer who had been abandoned during the transport of goods, both to restrain intrusion or sink-age
Separate insurance contracts (i.e, insurance policies not bundled with loans or other types of contracts) were invented in Genoa in the 14th century, as well as insurance pools backed by pledges of landed estates. Date of the first well-known insurance from Genoa in the 1347, and in the next century marine insurance placed on a large scale and was intuitively insurance premiums vary with the risks. These new insurance contracts allowed insurance to be separated from the investment, and the separation of the roles for the first time proved useful in marine insurance.
Source: wikipedia.org
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