Insurance a look back


Insurance – Where did it come from?

You may have noticed that in recent years, insurance premiums have continued to rise exponentially. In 2008, global insurance premiums grew by 3.4% to reach $4.3 trillion. Japan and the United States accounted for 40% of the world’s insurance, a much larger figure than their 7% share of global populace. However, this is not strictly a U.S, or Japanese issue. Contact us here

Currently, in almost every corner of the globe, citizens are subject to extortionate insurance hikes and really are paying through the nose. Across the pond in Ireland, car insurance is set to take a double-digit jump, similar to the rise in 2014. The emerald isle is a small, open market place, but it is subject to changes that stem from a global issue. In the UK, home insurance premiums are growing based on the biblical storms and arctic winters they have endured over the past number of years. But where did all of this really begin?

Insurance is as old as time itself and goes back as far as the Babylonians and the Chinese merchants of the 3rd Millennium BC. In 1750 BC, the Babylonian people developed a system whereby a merchant would pay a lender an additional sum, in exchange for the lender’s guarantee to cancel the loan should the ship be lost at sea. Interestingly, the ancient Persians were the first civilization to insure people. The monarchs of the age would pay a sum to insure their subjects. This would be then be registered in a governmental notary office.
Insurance became a common exchange and is seen in civilizations all though the ages – Jewish people in 500 BC and the inhabitants of Rhodes in 408 BC.

Jumping forward to the great Fire of London and modern day insurance is born after the devastating incident destroys more than 13,000 homes. Following the fire, Sir Christopher Wren included a site for ‘the insurance office’ in his plans for London in 1667, citing how insurance must change from “a matter of convenience into one of urgency.”

In 1787, back in the US, the first fire insurance firm is established in NYC with over 24 life insurance companies opening their doors, and 770 miles away in the deep south, slaves are insured by their owners. Following this, between 1905 and 1944 social insurance comes into operation.

The next step on the insurance landscape is uncertain, but continued rises seem to be the status-quo. Social, political, environmental, economic, and technological factors will all be determining factors in the future of insurance premiums.

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Texas: One Hundred and Forty People Sick Due to Apparent Gas Leak

The officials reported that about one hundred and forty staff members and students are admitted to hospital and receiving treatment after the leakage of carbon monoxide gas at a high school in South East Texas. The incident happened on Thursday. The emergency personnel of Beaumont told that adults and children are given treatment for injuries on Thursday. They were from the Marshall Middle School and provided treatment on the same day. It is believed that the injuries are not life threatening.

The officials at the Victory Medical Center, Christus South East Texas Saint Elizabeth Hospital, and Baptist Beaumont Hospital reported that more than one hundred and nine patients who were school students of Marshall Middle School were given treatment for the toxic gas exposure. No students and staff members of the school were admitted to the hospital. The Beaumont fire rescue officers told that they approached the paramedics immediately when one of the students lost consciousness.

Several faculty and students reported experiencing symptoms like headaches and nausea after they were exposed to the carbon monoxide gas. The district officers of Beaumont school investigated the case and had found that there is a leakage in the gas boiler. They have left it without noticing, and it has resulted in leakage. Due to the leakage incident, the Friday classes were canceled in the school. Further investigations are still going on to explain the case.

The case is still in the evaluation stage. The good news is the gas leakage has not resulted in serious consequences. It has caused mild effects to the school officials and students.

Read More: Six People Died in Virginia due to Suicide and Murder

Six People Died in Virginia due to Suicide and Murder

In Virginia, an apparent suicide-murder had left six people lifeless. The incident has occurred on Wednesday. The reported and police officials are investigating the case in a thorough note. The police officials told that the dead were related to each other. The dead bodies of six people were laid in two homes at Chesapeake. When the police officers found the body of one person inside a residence, they came across another location where a person has killed inside the home. He has used his arms and barricaded himself.

The police officers told that they have been negotiating each other for several hours and at last the victim has taken this step. There is no clue or witness to explore further the case. The officials are searching for the reason for suicide and murder.

It is said that when the police officers entered the other residence, they came across five deceased bodies including the suspect. It was announced by the Chesapeake Police Department in an interview. On Wednesday afternoon, the police have entered the first location to check the health of a person that was informed through a call.

The six members belong to the same family, and they had died by apparent suicide and murder attack. It has taken place in Deep Creek town of the Chesapeake. The police have identified the suspect who is Cameron Dooley – twenty-six years old. He was punished for killing Doris Dooly (his grandmother), Steven Todd (his father), Lori (his mother), Landon (his brother who is twenty-two years old) and Brooke (his sister of seventeen years old). According to the police officials, all the victims were shot dead by a single person. Kelly O’Sullivan told the Chesapeake police officers received a phone call around 3.35 PM on Wednesday and was asked to find out the safety of a person. When the police went as told, they found the brother of the suspect Landon Dooley dead at the home.

The police started to investigate further, and there was lead to the second home that was located at the meeting point of Wintergreen Drive and North George Washington Highway. It was exactly located a few buildings from the Wildwood Road. When the officers approached the home, they found Cameron Dooley armed and hesitated to come out. The officials tried to bring him outside but after several hours, he shot dead the other family members and killed himself. It was said that Cameron Dooley had killed the family member before the police officers entered the scene.

Read More: English Teacher was Arrested in California