Poor Image Of Insurance As A Trait To Its Development

INTRODUCTION  Insurance practice is said to date back to the period when the Phoenician traders playing the Mediterranean sea over 3000 years ago had a system of insuring against loss during their maritime adventure. Marine insurance is therefore the first class of insurance business ever transacted. It was followed by fire insurance which came after the great fire of London in 1966. In 1950, life assurance was introduced and the industrial revolution of the 18th century gave birth to accident insurance (the principle of marine insurance H.A. Tuner) (1971). However, the present day modern insu…