Initial risk transfer methods are reported among the Babylonians, from the second millennium BC. AD with the loan to the big adventure. The developed system is included in the Code of Hammurabi. If a merchant makes a loan to the performance of transport, it pays an additional amount to the lender. The loan does not have to be repaid if the goods are stolen.
A thousand years later, the inhabitants of Rhodes invented pooling. Merchants whose goods arrive to reimburse those whose property was destroyed in a storm. In the fourth century BC. BC, Greek merchants use the loan to the big adventure, under which the cargo of a ship is financed by a third party; if the ship returned to port, the loan is repaid with an interest that exceed the rate of wear; otherwise, the loan is lost.
The Greeks and Romans introduced health insurance and life insurance. The guilds of the Middle Ages fulfill a similar role, participating in funeral expenses of their deceased members.
Insurance is complex in Europe after the Renaissance.
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