Les Schlais-A History of Insurance



As the co-founder of a financial services marketing organization, Les Schlais has learned much about insurance over the years. Insurance is not the modern concept that some may believe it to be. In fact, history shows that in one form or another, insurance as a premise has existed, even in non-monetary (barter and trade) economies.

In ancient times, barter and trade were the main economic tools, as there was no centralized or standardized financial policies, or monetary system. Despite this limitation, insurance policies of one form or another were still created. For example, ancient insurance policies came in the form of agreements for mutual aid. If one families home was destroyed, a prior agreement would make the neighbors of that family obligated to help them rebuild it, and vice versa.