10 Insurance Facts You Might Not Know

10 Insurance Facts You Might Not Know

Oftentimes, insurance is seen as a very boring thing. However, this is not the case. There are numerous interesting facts and statistics about insurances that might surprise you. Some that have to be mentioned, based on the work of insure4retirement.co.uk, include:

  • Insurance is much older than you might think. In fact, the very first insurance document system was found in a Babylonian text (Code of Hammurabi) that dates back to the year 1750 BC. This legal code was used by merchants. They paid a fee in order to have their shipments safeguarded against theft or loss when undergoing marine transportation.
  • In the UK, modern insurance appeared after the London Great Fire. Until the seventeenth century, most insurance policies were related to shipping. After 1666, protection started to be offered for buildings. Then, expansion into other business areas appeared.
  • Nowadays, there are countless types of insurance policies. One that is considered to be weird by most people is “hole-in-one”. This entitles a golfer to offer really serious prizes to those that get a hole-in-one in a game.
  • The first combination of PR and insurance was in the 1940s. This was when Betty Grable worked up a deal with Lloyds of London. As a result, her legs were insured for a staggering $1 million each. This is why the pin-up ended up being known as “the girl with the million dollar legs.”
  • Many Hollywood actors and sports personalities use insurance policies in order to make a splash in the media. This includes Gene Simmons as a star that insured his tongue for an incredible $1 million. Dolly Parton ended up insuring her breasts and many other examples can be given.
  • In the country of Japan, life insurance pays even if the policyholder ends up committing suicide. 25% of the suicides happening in the country are considered to have been financially motivated. Life insurance is one of the big reasons why the suicide rate of the country is so high.
  • UK’s insurance industry is the third-largest in the world. It employs over 300,000 people and has an estimated value that is close to 1.8 trillion pounds.
  • When the first moon landing happened, Apollo 11 astronauts had to be protected in one way or another. The plan was to issue postal covers that would only appear on the market in the event that something bad happened and the astronauts died. Fortunately, this did not happen but these insurance covers did end up being sold. They are now a popular collectable.
  • One of the biggest moments in the insurance industry, one that led to compensation of 2.5 billion EUR was when the Eyjafjallajokull volcano erupted in Iceland. This led to the creation of a huge ash cloud. Flights ended up being grounded all across the continent. This was the largest historical insurance payout.
  • Jackie Chan is renowned for the fact that he performs his own stunts. They are really dangerous so there was no insurance company that was willing to work with him. In order to protect himself and his entire crew, the Jackie Chan Stuntmen Association appeared. This pays medical bills in the event something bad happens.

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