Babylonian Code of Hammurabi

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The first recorded reference to insurance dates from c.1760BC in the Babylonian Code of Hammurabi. The giant stele, which now resides in The Louvre, Paris, details a collection of 282 personal and commercial laws, including references to loans that a trader could secure on his ship. For an additional cost, it was possible to arrange a loan for the goods they transported so that if the ship sank the loan was not repayable. This was effectively a form of marine insurance — with insurance not as a separate industry to banking, but as an optional add-on to lending.

This is a substantially more cordial law than arguably the most famous one from the tablet: “If a man has destroyed the eye of a man of the gentleman class, they shall destroy his eye…” commonly paraphrased as “an eye for an eye”.

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