Which type of insurance is one of the earliest forms known?

Ocean marine insurance is recognized as one of the earliest forms of insurance because it dates back to ancient times, specifically to maritime trade practices. As early as the 3rd millennium BC, traders were seeking ways to protect themselves against the perils associated with shipping goods over water. The risks inherent in seafaring, such as shipwrecks, cargo loss, and piracy, led to the development of agreements among merchants to share these risks, which is the foundation of marine insurance.

The concepts of mutual aid and shared responsibility among sailors and traders laid the groundwork for formalized marine policies, which continue to play a significant role in the insurance industry today. This historical context distinguishes ocean marine insurance as a pioneering type of coverage, predating other forms of insurance like health or property insurance, which evolved later to address different types of risks associated with life and property.