In a sense, we could say that insurance dates back to the first man-made societies.
If I could, I would write the word INSURANCE on every home and on every person’s forehead. I’m so sure insurance helps save families from irreparable disaster – Winston Churchill
We know of two kinds of economies in human societies: natural or non-monetary economies (in which the exchange of goods and trade takes place without a centralized system of financial instruments) and monetary economies (with money, currencies, financial instruments, etc.).
In monetary economies, insurance refers to mutual aid agreements. If a family home is destroyed, neighbors are committed to helping rebuild it. In the barns there was another early form of insurance for the payment of compensation due to famine.
These types of insurance have survived to this day in countries or regions where the modern economy is not widespread.
Source: Insurance Daily