Among the fundamental human needs is the need for protection and safety. Since the origins of humanity, we have protected ourselves by clothing and sheltering, first by building shelters and then increasingly secure homes, and by creating reserves of food and/or money. However, it has never been enough... Over time, we have wanted or felt the need to protect our health, to safeguard our loved ones if we leave this world suddenly or prematurely, to protect our cherished belongings, to protect our business or good reputation, and for this, we have developed and accessed insurance solutions. Today, there are insurance solutions, many of which we can afford, to protect everything that truly matters to each of us or to our loved ones!
The concept of insurance is thousands of years old, according to some sources, even dating back to the times of Babylonian merchants, and was later used in Ancient Greece and the Roman Empire. It is true that there are no written records from that time, only from much more recent periods. For example, in 1310, the Duke of Flanders established the Bruges Chamber of Insurance to cover maritime risks. In 1601, the English Parliament enacted regulations for this activity with the “Act for Marine Insurance used between Merchants.” We can thus state with certainty that at least 700 years ago, written insurance contracts were in place, a form which is still the most widespread today.
After 700 years of the official existence of the insurance industry, the volume of insurance premiums paid by clients and collected by insurance companies worldwide represents a colossal sum of nearly $5,000 billion and, most importantly, is on the rise! Why? Because risks exist, because risk is omnipresent, because people are fragile beings, and because many of the structures in which we invest time, money, energy, and dreams are also fragile...
In Romania, the acquisition of protection through insurance is slightly over 200 euros per capita per year, much below the European average of approximately 2200 euros annually per capita. This is despite the fact that the most common insured risks occur in Romania at least as frequently as in much more mature and developed markets, with the primary culprits being seismic risk due to the Vrancea fault, as well as underdeveloped road infrastructure, outdated energy and gas transport infrastructure, massive deforestation, and others, making us still a developing country. With the global population growth, technological advancement, and urban congestion, not only do the risks we face daily increase, but also the probability of these risks occurring. The computerized and digitalized society brings new risks, from those specific to information systems to civil liabilities of providers of various digitalized services, culminating in the financial risks associated with business interruptions due to cyberattacks, cyber fraud, and more.
It is clear that risk is omnipresent in our lives, even before we are born and until the last second of our lives... What differs from one individual to another is only the probability that one or more risks will materialize. I would dare to say that the evolution of humanity and society brings new risks for which it is wise to protect ourselves through insurance. A human being can fully develop when, free from worries, they boldly venture into the realm of creation and the whirlwind of life, embracing challenges and building with the confidence that all we achieve is protected and will remain so for future generations.
Millennium Insurance Broker (MIB), through its brokers and specialists, has this noble mission to help all those who are aware of the risks they are exposed to, to protect themselves by accessing suitable insurance solutions! Feel free to contact us, as we want you to become and/or remain our clients for the next 30 years!
August 29, 2024
August 29, 2024
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