It is not clear why this day was chosen, but it is celebrated worldwide on September 28th every year. International Day of Insurance Advisory Producers.
a Insurance Advisory Producer (PAS) They act as an intermediary between the insured and the insurance company, advising people on selling the insurance that best fits their needs.
There are two types of producers. One is the manufacturer who is permitted to intermediate all insurance products, and the other is the manufacturer who is permitted to intermediate with respect to life insurance.
In the framework of the International Day of Insurance Advisory Producers, we will tell you a little about insurance advisory producers. Insurance history; it dates back to ancient civilizations, where practices that constitute the beginnings of today’s insurance systems were used.
Perhaps the oldest form of insurance was pioneered by the Babylonians and Hindus. These first contracts were known by the names: thick contract And they were basically between bankers and shipowners. Ship owners often borrow the funds needed to purchase cargo and finance the voyage.
The sick loan agreement provided that if the ship or cargo was lost during the voyage, the loan would be considered cancelled. Naturally, the cost of this contract was very high. However, losses can occur if the banker lends to an owner whose losses are greater than expected.
remnants of Life insurance These can be found in ancient civilizations such as Rome, where it was customary for religious groups to collect and distribute funds to their members upon the death of one of their members.
As trade grew in both Europe and the Near East during the Middle Ages, it became necessary to ensure financial solvency in the event of shipping accidents.In the end, it turned out that England were the main players. ocean center of the worldand london Hull and cargo insurance capital.
he fire insurance It emerged in the late 17th century after a fire destroyed much of London.
After this event, many plans were developed, but most of them failed again because they failed to constitute sufficient reserves to cope with the losses from the significant conflagration that ensued.
Approximately 1,720 insurance companies were born, but in the early stages, speculators and promoters drove most of these startups into failure.
Eventually, the effects were so severe that Congress limited licensing so that only two companies were authorized. They remain an important insurance company in the UK. Lloyd’s of London.
A cafe owner, realizing that his customers were as hungry for information to increase their bets and gossip as they were for coffee, formed a network of informants and set up a network of informants to help them find their way to foreign ports, tidal waters. We have created a newsletter with information about the ebbs and flows, the comings and goings of the sea. ship.his name is edward lloyd And his newsletter began to be called “Lloyd’s List”.
In Lloyd’s cafeteria, ships were auctioned and captains gathered to share stories. If someone wants to insure their boat, this is the right place. A contract was drawn up and signed by the insurance company (hence the term “underwriter”). soon, It was difficult to distinguish the line between gambling and formal insurance contracts entered into at Lloyd’s Café.
Eighty years after Lloyd founded his coffee shop, a group of insurance companies who hung out there lloyds company. Lloyd’s of London thus became one of the most famous companies in the insurance industry.
However, not all modern insurance companies have their roots in gambling. There was another type of insurance that developed in the mountains rather than ports, and it was more community capitalism than casino capitalism.
Farmers in the Alps organized mutual aid societies in the early 16th century to take care of each other if their children or cattle were sick.
While Lloyds saw risk as something to be analyzed and traded, Alps Mutual Insurance Society saw risk as something to be shared.
Perhaps a more sentimental view of insurance, but when farmers came down from the mountains to Zurich and Munich, they established some insurance. world’s largest insurance company.