Although the concept of insurance can be traced back to ancient civilizations, the first known insurance contract was signed in 1343, 679 years ago, in Genoa, Italy. This marine contract dated February 13, 1343, is said to be worded ‘fictitiously’ as insurance contracts had no legal existence or standing under the Roman Law.
Another document, also a marine insurance contract, dated October 23, 1347, was previously thought to be the first ever insurance contract until the discovery of the one preceding it by just 4.5 years.
Separate insurance contracts, or insurance policies that were not a part of loans or other kinds of contracts, were invented in Genoa in the 14th century. These contracts of insurances and insurance pools were backed by pledges of landed estates.