Insurance has been in existence in some form or other over a fairly long period in time, but it was not until the eighteenth century that it really began to evolve into a major form of business. This development coincided with the industrial revolution and the growth of the manufacturing and the utility industries in a hitherto unknown scale.
The newly evolving businesses impacted lifestyles in a manner that was never imagined and consequently resulted in the development of business services that led to the growth of the insurance industry.
Types of insurance
A straightforward life insurance policy entails benefits for the nominee of the insured after he or she passes away.
With the cost of quality health care going beyond the affordability of most people, health insurance has evolved into a major form of insurance.
The need to protect property such as houses, contents inside a house, and sundry items has led to the growth of property insurance as a major form of insurance.