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(2) MARINE INSURANCE

In general terms, marine insurance means is a type of insurance coverage designed to protect
against losses and liabilities associated with maritime-related risks. It provides financial protection to
individuals and businesses engaged in maritime activities, such as shipping, transportation of goods
by sea, and other marine ventures.

IN ENGLAND

YEAR DEVELOPMENT
1720 In 12th century, it was imported from the city of Northern Italy to England and Bubble’s Act was
passed which led to formation of 2 companies –
(a) London Assurance
(b) Royal Exchange Assurance
The Act Created Monopoly by prohibiting other companies from engaging in Marine Insurance.
In 18th Century Meetings in Lambard Street by merchants and coffee houses were common meeting
places for business in which Lloyd’s coffee houses named on Edward Lloyd became a famous place.
1734 Proprietor of Lloyd’s started business newspaper called Lloyd’s List
1824 While corporations like Royal Exchange Assurance and London Exchange, along with Lloyd's,
propelled the development of marine insurance in England, the monopoly granted to these
corporations ended in 1824 as act got repealed.
1862 The act got repealed which prompted the entry of joint-stock companies into the marine
insurance field, which flourished following the passage of the Joint Stock Companies Act 1862. The
advent of steamships and improvements in foreign trade further expanded marine insurance,
fostering a world market for the industry.
1906 English Marine Insurance Act got in existence which even today a proper legislation governing
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marine insurance

IN INDIA

YEAR DEVELOPMENT
1791- 1810 In India, evidence suggests the existence of marine insurance during the Aryan period, but
the modern form of marine insurance originated in England. Several marine insurance companies
emerged in Calcutta, followed by the establishment of various offices.
British insurance offices, with branches in India, wielded significant influence in the Indian insurance
market as having early monopoly and increased premium rates which influenced the Indian Market.
Post Independence and year1963 Post-independence, with the abolition of the Privy Council, Indian
superior courts, including the Supreme Court, began drawing from various foreign sources about
Insurance. However, marine insurance in India is regulated by the Indian Marine Insurance Act 1963,
closely modeled after the English Marine Insurance Act 1906.

(3) FIRE INSURANCE

Fire insurance is a type of insurance coverage designed to protect against financial losses resulting
from damage or destruction caused by fire. It provides insurers with financial compensation to repair
or replace property damaged by fire-related incidents

IN ENGLAND
YEAR DEVELOPMENT
1666 The devastating Great Fire of London played a pivotal role in highlighting the necessity for fire
insurance coverage. Additionally, the Industrial Revolution in England further increased the
vulnerability of properties to fire risks, leading to an increased demand for fire insurance.
1861 The Tooley Street Fire provided further need for organized action in the area of fire insurance.
While the first major fire initiated the establishment of fire insurance, the second disaster catalysed
the streamlining of organizational structures within the industry, blending principles of competition
and collaboration.
In response to the challenges posed by fire risks, the fire officers committee, comprising
representatives from various insurers, was formed.
1946 This committee played a key role in establishing a fire testing station in collaboration with
government departments, ultimately leading to the formation of the Joint Fire Research Association

IN INDIA
In India, successful fire insurance business largely operated through brokers and branches of foreign
companies from Britain, America, and even Japan. The Alliance British and Foreign Fire Insurance Co
was among the first to establish an agency office in Madras, issuing fire policies in India. Subsequently,
other companies such as the Royal Insurance Co, Liverpool and London and Globe, North British, and
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Commercial Union expanded their operations by opening branch offices in Bombay, Calcutta, and
other major cities, gradually extending their reach to rural areas.

Throughout the last century, numerous fire insurance companies were established in India. However,
many of them faced challenges and were eventually closed down.

(4) LIFE INSURANCE

In general sense, Life insurance is a financial product that provides a lump sum payment, known as a
death benefit, to designated beneficiaries upon the death of the insured person. In exchange for this
coverage, the insured pays periodic premiums to the insurance company. Life insurance is designed
to offer financial protection and support to the policyholder's loved ones in the event of their death.
IN ENGLAND
YEAR DEVELOPMENT
17TH Century Mutual Life insurance for shorter period
1720 However, the enactment of the Bubble Act led to the disappearance of most mutual offices, with
the exception of the Amicable Society.
1750-1757 Established in 1705, the Amicable Society managed to survive and expand its business by 1757
1774 During the late 17th century, the concept of insurable interest became less emphasized, leading to
life insurance being used as a form of gambling. To address this issue, the Life Assurance Act of 1774
was passed to regulate the industry.
1807 In 1807, it obtained a fresh charter and began conducting life insurance operations according to
modern methods, eventually becoming one of the few societies to offer whole life assurance.
1867-1870 Subsequently, large joint-stock companies emerged, operating on sound and scientific
principles. Protective legislations such as the Policies of Assurance Act 1867 and the Life Assurance
Companies Act 1870 were introduced to ensure the integrity and stability of the life insurance business.
1909 The Assurance Companies Act of 1909 replaced the Life Assurance Act of 1867, setting the stage
for the regulatory framework that exists today under the Insurance Companies Acts of 1958-67.

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