Insurance in some form is as old as Historical Society. Bottomry Contracts, as they were called, were used in Ancient Greece as early as the 4 century BCE. Under a bottomry contract, loans were granted to merchants with the provision that if the shipment was lost at sea the loan did not have to be repaid. The interest on the loan covered the insurance risk.
The first American insurance company was organized by Benjamin Franklin in 1752 as the Philadelphia Contributionship. The first life insurance company in the American colonies was the Presbyterian Ministers’ Fund, organized in 1759.