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What is the origin of fire insurance?
DEVELOPMENT OF FIRE INSURANCE
In England in 1601, the Poor Relief Act was passed, to provide relief for and maintenance of the poor people. According to this Act, letters called briefs' were read in the church asking for collections from the parish people to help those who suffered losses from fire. But the collections were far below what was required for a reasonable relief
GREAT FIRE OF LONDON
Between September 2nd and September 5th, 1666 a historical disaster overtook London. It was the Great Fire of London. From where the fire sparked off nobody could say. But the fire spread wild and raged for three full days destroying four-fifths of the city.
It was this great fire which encouraged the Idea insuring against loss by fire. Between 1667 and 1680 several attempts were made to commence Insurance schemes by various people. Nicholas Barbon, a builder eventually set up Fire Office in 1680 for the Insurance of houses. By 1684 other fire Insurance offices came into existence and several of them established private fire brigades to protect property insured with them. Distinctive badges called Fire Marks were worn by the firemen of each company. Fire Marks were also affixed to the exterior walls of insured property to ensure that firemen of one company did not attempt to put out fires in property insured with a rival company: In 1708, Charles Pave l founded the Traders Exchange House for Insuring movable goods, merchandise and wares against loss or damage by fire. On the buildings in which the property was Insured, Povey nailed a token of the Sun, from which it came to be known as the Sun Fire Office. This was probably the first to combine fire Insurance on goods, merchandise, furniture and other effects with Insurance on goods, merchandise, furniture and other effects with insurance on buildings.
Standard Fire Policy and Special Perils Policy
Standard Fire and special perils policy is an insurance settlement that protects the insured against unexpected emergency caused by accidental fire, electricity, blast, loss or damage caused by atmospheric devices, man-made perils in the form of protests, strike etc, natural disasters like storm, cyclone, flood etc, damage caused by collision by a rail or a road vehicle, damage caused by landslide or sinking of land, peril caused by pollution and contamination, burst and/or overflow of water tanks and underground pipes, missile testing operations, leakage from automatic sprinkler fittings and bush fire.
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Evolution of Marine Insurance
Around the 13th Century, Lombardy of Northern Italy emerged as a flourishing center for trade. The early practice of Insurance of ships is called marine Insurance and is associated with the merchants of the cities of Lombardy. The Lombard’s also established themselves in London and other cities. When the Germans conquered and devastated the cities of Northern Italy, many of the mercantile families of Lombardy migrated to the more favored and settled countries where they would be more secure and free to practice their trade. Many of them went to London. Wherever they went the Lombard’s took with them the practices of marine Insurance, banking and money lending. The earliest known policy issued in London was inscribed in Italian and was dated 20th Sept. 1547. The policy written in English dated 1555 was known to be on the ship “Santa Crux” from any part of the Isles of India of Calicut to Lisbon.
In contrast to the Jews who demanded very high rates of interest for their loans, the Lombard’s offered low rates. Because of this, they were greatly favored In London. They rapidly became powerful and wealthy. England benefited greatly from the peculiar skills and acumen of the Lombard’s. Policies of marine insurance even today bear the roots of Lombard Influences. The Lombard’s even built a street of business premises with residential accommodation over, which still retains the name of Lombard Street. However, the original structures were all wiped out by the Great Fire of London 1666. The native people of London naturally resented the success of the foreign merchants, As a result, many laws were passed aimed against Lombard’s.
Soon the Lombard’s finding their scope for commercial activities restricted severed their connections and left for other parts.
MERCHANTS OF HANSA TOWNS
Contemporaneously with the Lombards, marine Insurance was practiced by the merchants of the Hansa towns. It is believed that in a way of understanding, probably informal, the Lombards confined their operations in Europe to the south of Bruges, whilst the Hanse merchants controlled commerce to the north of that city. Hansa merchants first settled in England during the reign of Edward the Confessor, when they were originally known as 'Easterlings, or 'Easterlings'. As in the case of the Lombards, the Hansa merchants also kept themselves distant from the native population. They established themselves in what were almost fortified warehouses and great distributing centers. But at the same time, they contributed substantially towards setting the foundation-stone of Britain's later pre-eminence. In overseas trade, they played a vital role in suppressing piracy. They were relieved from the payment of levies towards combating the pirates who at that time infested the Thames; probably because they undertook operations on their account to repress these.
In case of Lombards, the British merchants did not like the progress of Hansa merchants. The local movement gained momentum and the first ‘Royal Exchange’, a money market was established. Expulsion of the Hanse merchants was mainly a consequence of the jealousy of the Company of Merchant Adventurers. This was an organization set up by English merchants, who by this time had themselves started participating in marine insurance under the reign of Elizabeth I, In A.D. 1578, a decree was passed declaring the privileges of the Hansa merchants are null and void forever. They threatened that unless their privileges were restored, the members of the Company of Merchant Adventurers established in the cities who came under the control of their league would be expelled
Thereupon the temper of Elizabeth was aroused and an order issued for the departure of every Hanse merchant from the shores of England by 28th February 1597
The instigators of the expulsion of these merchants did not desire the destruction of British trade, but merely its transfer into the hands of British traders, and this they achieved. The 'market' for marine insurance was for long thereafter mainly situated at the first Royal Exchange, and there it continued until the rise of Lloyd' Coffee House
FIRST LAW ON MARINE INSURANCE
The first enactment relating to marine insurance to be placed on the statute book in England became law at the opening of the seventeenth century and was entitled 'An Act touching Policies of Assurances used among Merchants'. A previous statute passed in AD 1532 had required that notices of the sailings of ships should be announced weekly in Lombard Street, but whilst this is of interest in connection with marine insurance, it does not strictly relate thereto. It is also known that a measure was enacted in Scotland in the reign of James I, dated AD 1427, entitled "The Leave to merchants to Sure their Guide's', but "it is not established that it contained any specific reference to marine Insurance, although this is probable. For this reason, it is usual to describe the Elizabethan Act. which was put through Parliament In three readings in the space of eight days in AD 1601 as the first British Statute relating to marine Insurance
The importance of this statute is that it demonstrates how firmly established was marine Insurance by the time of Elizabeth
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Ancient History and evolution of insurance industry. The concept of Insurance found way back almost 6000 years. Let us know more facts and origin of Insurance Industry
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#Insurtech to drive sector growth in hashtag #UAE Check out the valuable insights given by Mr. Sridhar Subbaraman, Founder and Owner, Oasis Insurance Group
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The Impact of InsurTech on Insurance Industry
What is InsurTech?
InsurTech is a portmanteau word derived from ‘Insurance’ and ‘Technology’. It is the Technology that revolutionized the traditional Insurance Industry’s foundation, operations, and distribution. In recent times policyholders can see a visible change in the process of investing, claiming insurance and filing documents.
Insurtech simplifies the customer journey, policy management and increases competition among insurers to thrive in the Insurance Industry.
How InsurTech is reshaping insurance?
Insurance Companies are now focusing on various innovative ways to increase their customer satisfaction and reach. Major technologies that transformed the insurance industry:
Artificial Intelligence (AI)
AI is on-demand in the Insurance Sector. Artificial Intelligence, with its perfectly designed algorithm, can reduce most of the human errors, respond to the client queries immediately.
AI Chatbots, Virtual Assistants are gaining a lot of popularity in this field. The main advantage of these products is that they are available 24/7 to the customers.
Blockchain
Blockchain is a decentralized, distributed and public digital ledger which ensures digital data is safe and secure. It uses cryptographic encryption to secure the entered information that prevents unauthorized changes, addition or removal of data. With the help of blockchain, we can develop a customer-centric model that ensures better claims management.
Internet of Things (IoT)
IoT connects machines like watches, televisions, refrigerators to the internet. This kind of technology in the Insurance Industry helps the customer to prevent the damage before it occurs. Vehicle tracking is one of its major catch, IoT will give an exact picture of vehicle analytics, maintenance issues, customer alerts and automatic adjustment of insurance if the problem is not fixed.
Big Data
Data is an asset and it plays a major role in the Insurance Industry. Big Data provides information on customer acquisition, retention, risk assessment, fraud prevention and improves internal performance management. These tasks can be automated with Big Data.
How to succeed in digital transformation?
A customer always seeks for an easy, convenient and better service with no compromise. For better customer insights, the Insurance industry is adopting a customer-centric approach and present new tools to them.
Competitive analysis can also help in modeling the marketing strategy. Gather insights and always try to be unique and a step ahead from them.
InsureAtOasis has revolutionized and is pioneering the digital transformation in UAE. It has commoditized, simplified securing instant insurance cover. Customer can compare and buy his customized insurance policy instantly
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Types of Car Insurance available in UAE
Insuring is the first and foremost step needed to be taken after buying a car in UAE and other Emirates. With the rise of Online Car Insurance market, policy premiums are now available at a cheaper cost. Before saving your money you need to have a brief idea about which type of car insurance is required. To reduce your stress we have outlined UAE Car Insurance types, Policy Inclusions and Exclusions.
1.Third Party Liability Insurance (TPL)
TPl is mandatory as per UAE law. It is the most basic and cheapest form of coverage options available. Third Party Insurance covers damage caused by the insured vehicle to other party. The Insurance Company is not liable to pay for any damage caused to the insured vehicle and people in the vehicle. For cheap car insurance premiums you can go for Third Party Liability (TPL) basic Policy.
Policy Inclusions:
· Policy covers injured Third Party i.e. A person or passengers in the third party vehicle
· It also covers property damage caused to the third party vehicle by the Insured Vehicle.
Policy Exclusions:
· Damage caused to the Insured, the Vehicle Driver or the persons hired by the Insured if they are injured during work.
· Accidents related directly or indirectly to natural disasters such as floods, tornadoes, hurricanes, volcanoes, earthquakes.
· Accidents occurred outside the borders of the state.
Third Party Liability Insurance with Add-Ons
TPI covers only damage caused to the Third Party. We can enhance the basic plan with add-Ons such as Theft and Fire Coverage. The policy premium will increase if you wish to get these benefits.
2. Comprehensive Motor Insurance
As the name suggests the Policy covers injury to Third Party and also policy holder’s loss or damage. Though the policy premium costs you more but will be more helpful in case if you bought a new or expensive car with higher repair costs. The policy has a detailed coverage on damage caused by accident, theft, fire, lightning as well.
Comprehensive Coverage Add-Ons
·
Fire and Theft
This add-on protects your vehicle against fire accidents caused due to accident or by nature and theft of vehicle parts.
·
Personal Accident Protection
Protection towards the bodily injury sustained by vehicle driver or passengers during an accident. The add-on comes in need during medical expenses and hospital bills. This is the 2nd most popular Car Insurance add-on in UAE.
·
Off-Road
This add on Insurance covers vehicle owners from risky journey when going off the road. Insurer should check the borders of his travel with his Insurance Company.
·
Replacement Car
Road accidents can leave your vehicle completely isolated to run further. With this add on Insurance Company will provide another substitute car while your car is being repaired. Replacement Car is the top most purchased add-on cover in 2018.
·
Zero Dep
Zero Depreciation Cover offers full settlement of damaged vehicle without calculating the value with age of vehicle. This add-on is only applicable to newly purchased cars.
·
Agency Repairs
In this add-on, vehicle repair service will be carried out at the Company’s Workplace. Any damaged part of insured vehicle will be replaced with original spare parts.
·
Oman Coverage
Extended country insurance coverage to bordering country Oman. The add-on only protects insured vehicle but not damage caused to the third party.
Policy Exclusions:
· Accident caused when driving under Influence: If the person driving Insured vehicle is under the Influence of Drugs or Alcohol, Insurance cannot be claimed.
· Purposive Accident: If the accident and damage was done intently, insurance will not be provided
· False Information: If wrong information is produced to the insurance company at the time of insurance purchase, your claims will be disallowed.
· Misuse of Vehicle: If the vehicle is driven for other purpose which was not in the insurance policy, your claims will be rejected.
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7 Major Benefits of Buying Insurance Online
With the trending age and busy lifestyle, almost every product or service is searched and purchased online. E-Commerce platform is a major source to showcase that product/service to the customer. Reliable information, genuine reviews and authenticity are main concerns for every customer. Buying an online insurance is no different from an E-Commerce purchase. Instead you can avail various benefits along with your Policy claims. Most of your friends may already started enjoying them. Without wasting the time we have briefed some of the major Benefits which you can collect from your Online Insurance.
Quick and Convenient Process
Most of our time in a day is spent online. Instead of going to an Insurance Company and waiting in long queue it is best to go online. With minimum entries and clicks the process of filing documents for your policy has been made easy. Online Insurance portals have a mobile friendly, customized dashboard with trusted Online Payment options which will let the user have a hassle-free Insurance Policy.
Low Cost
Buying online insurance is more cost effective than offline Insurance Payments. Insurance Companies offer lower premiums since no paper work and other external costs are involved from their end. Every payment which you will be doing online is transparent and has a proof along with it.
Zero Paper work
Traditional method to apply for Insurance requires lot of important Documents to carry on by hand. Whereas in case of Online Insurance every process is digitized from beginning to end. To start your insurance policy, upload scan copies of the required documents in the online portal. From your online dashboard get 24 hours easy access of all the uploaded documents. No more waiting for the policy documents to arrive through post. You can directly download digitally attested Policy papers online after the payment.
Every Document at one Place
All files which you have uploaded will be saved in your online account (created in the portal). Customer can access their policy account from anywhere online.
Compare Insurance Premiums
Companies like Insureatoasis.com provide genuine quotes to the customers which will help them to compare with Insurance plans of different companies. Make the right choice, choose the best Insurance Policy and buy online.
Go through Entire Policy
Insurance claims will be rejected because of wrong documents and details submitted at the time of filing. Some customers may not know complete policy details, where he can claim and how much return he can expect from his policy. Online portals help the insured to download and check complete policy details whenever required from their dashboards.
Customer driven Service
Understanding the needs of customers the online channels are served with secure and automated user interface. You will be receiving timely remainders for your Document Uploads and Policy Renewals. Many portals have online chat bots to assist their customers on the instant. Even you can go with the Toll free number on the Insurance Website for offline assistance.
Going online is an easy and convenient option to choose. But it is good to check with their (Insurance Portals) privacy and security policy to make sure your transaction is safe. Trusted firms like InsureatOasis has a broad concept on customer orientated insurance claims. Check out their Online Insurance portal here.
So do not wait till the risk cost your life, be proactive and buy Insurance Online.
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