How did Insurance evolve

The main origin of insurance is still vague to some extent.However, it is believed that the practice of insurance was usually carried at ancient times by the Chinese and the Babylonian traders. As a matter of fact, the Babylonian traders emerged a system where the merchant If received a loan to fund his shipment; he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen. Whatsoever, In Rigveda, the most sacred book of India, references were made ti the concept ‘Yogakshema’ more or less akin to the well-being and security of the people. The codes of Hammurabi and of Manu had recognized the advisability of provision for sharing the future losses. However, there is no such evidence that insurance in its present form was practiced prior to the twelfth century.