fox broker
Insurance products
Insurance products? Have you ever had a moment – while looking at your insurance policy or shopping for insurance – when you thought:
What is insurance? And do I really need it?
You are not the only one.
Insurance can be a complex and confusing matter. How does insurance work? What are the benefits of insurance? And how to find the best insurance for you? These are common questions, and luckily, there are some easy-to-understand answers to them.
Contact us and we will provide you with all the answers.
fox broker
Insurance and products
Have you ever had a moment – while looking at your insurance policy or shopping for insurance – when you thought:
What is insurance? And do I really need it?
You are not the only one.
Insurance can be a complex and confusing matter. How does insurance work? What are the benefits of insurance? And how to find the best insurance for you? These are common questions, and luckily, there are some easy-to-understand answers to them.
Contact us and we will provide you with all the answers.
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Basic about insurance
WHAT IS INSURANCE?
Insurance is a complex financial arrangement where an individual or business pays periodic insurance premiums to an insurer to protect themselves against potential losses or risks.
In exchange, the insurer undertakes to indemnify or provide certain benefits if an event or risk covered by the insurance contract occurs.
Insurance enables individuals and organizations to protect themselves against unforeseen events, such as accidents, illnesses, natural disasters, theft or other risks, providing them with financial security in such situations.
TYPES OF INSURANCE
According to the Insurance Act, there are a total of 23 different types of insurance. In order to simplify the overview of different types of insurance, we have divided them into:
- Insurance for you (Auto, Home, Health, Travel, Nautical)
- Insurance for your business (Entrepreneur, Property, Liability, Agriculture, Transport)
Although we usually don’t think about insurance, this item should be taken into account more and more during financial planning. For relatively small annual amounts at the time of occurrence of the harmful event, we can obtain coverage of a significant part of the resulting damage.
HISTORY OF INSURANCE
The term insurance has a long history that goes back thousands of years. The first indications of a form of insurance date back to ancient China, where merchants developed a system of mutual insurance to protect themselves against losses due to pirates or natural disasters.
In ancient Rome, insurance also had its roots. The Romans founded “collegia”, associations that provided financial assistance to members who suffered losses due to fire, theft or accidents. This was an early form of social insurance.
During the Middle Ages, European merchants and sailors developed insurance systems to protect themselves against risks on the world’s seas. The London insurance market, known as Lloyd’s of London, was founded in 1688 and became a center for ship insurance and marine risk insurance.
With the development of the industrial age and increased trade, the need for insurance increased. Various forms of insurance began to develop, including life insurance, property and liability insurance.
In the 19th century, the development of mathematical and statistical methods enabled insurers to better assess risks and set premiums. Many large insurers and associations of insurers have been established to better manage risks.
Today, insurance has become a global industry with diverse types of insurance including health insurance, auto insurance, property insurance, travel insurance and many other types. In addition, there are regulatory frameworks that oversee this industry and ensure consumer protection.
The history of insurance testifies to its importance for the protection of assets and financial security of individuals and companies in the modern world.
