The terms for the types of insurance that we know today apparently have a long history since BC. These types of insurance originate from a basic insurance concept, namely mitigation of various risks or threats, which then develops and evolves along with the development of human civilization.

An example is the concept of risk mitigation which has existed since the time of the Prophet Yusuf. At that time, predictions about the threat of famine made the Prophet Yusuf suggest to the King of Egypt to reserve harvests in order to face the risk of famine that would occur in the future.

Then, in 2250 BC, the Babylonians recognized the term bottomry bond or bottomry contract, namely collateral for loans made by ship captains for ship operating costs. In 600 BC, India also knew the practice of Bottomry and the Greeks also knew the same term in 400 BC. Then in 215 BC, the Roman Empire introduced the concept of protection against the risk of loss of goods on ships due to maritime dangers such as storms or enemy attacks.

In 50 BC, the philosopher Marcus Tullius Cicero presented the concept of protection or guarantee for the safety of sending money and securities while in transit. In return, the party given protection pays a premium to the guarantor. Furthermore, in 50-200 AD, Emperor Claudius issued a guarantee to importers for all losses suffered due to hurricanes. It wasn’t until around 200 AD that associations called Collegia were born with social aims in order to raise funds for funeral activities.

Well, in the following years, the concept of insurance began to develop well which later became known as the types of loss insurance that exist today, including:

1. Sea Freight Insurance (Marine Insurance)
   Sea and land transport insurance began to be implemented in Italy in the XII century. This custom was then brought by Italian traders to England around the XIII and XIV centuries. These various records and events in the past were then compiled into the Marine Insurance Act 1906 (MIA 1906) which regulates the implementation of Marine Insurance. In fact, maritime transport policies in Indonesia also refer to MIA 1906.
   
   
2. Fire Insurance
   Fire insurance was born in 1680, marked by the establishment of the first fire insurance company, namely The Fire Office or The Phoenix. The existence of this fire insurance originated from a major fire that hit the city of London in 1666. The fire, which lasted for 4 days, caused huge losses so that the rebuilding process was only completed in 1671.
   
   
3. Personal Accident Insurance (Personal Accident Insurance)
   The birth of personal accident insurance began with the many accidents that occurred in the nineteenth century along with advances in technology and industry. At that time, accidents occurred in the process of operating modern equipment, motorized vehicles, and trains. In 1848, the first insurance company was founded, called The Railway Passenger Assurance Co, which covered the risk of personal accidents when operating trains. However, this type of insurance then developed and covered the risk of other personal accidents. Even at the end of the nineteenth century, this type of insurance guaranteed the risk of certain diseases. Furthermore, in the 20th century, coverage for hospital care costs was expanded.
   
   
4. Employers Liability Insurance (Employers liability insurance)
   This insurance was born in 1880 after the Employers Liability Act came into effect. This law was then refined in 1897 with the publication of the Worker’s Compensation Act because the Employers Liability Act 1880 did not fully guarantee that workers would receive security. Furthermore, in 1906, this regulation which only applied to certain companies was further refined into WCA 1906 which applies to all types of companies.
   
   
5. Other Liability Insurance (Liability Insurance)
   The birth of the Employers Liability Act 1880 was also the forerunner of liability insurance. The risk of a possible lawsuit from a third party actually began to be realized in 1875. Therefore, the birth of the Empoyers Liability Act 1880 at that time sparked the issuance of general liability insurance policies, especially for building contractors.
   
   
6. Burglary Insurance
   The insurance company that pioneered this type of insurance was Mercantile Accident and Guarantee Insurance Co, which in 1889 issued its first policy. Previously, in 1897 a Lloyd’s Underwriter had actually agreed to expand fire insurance coverage by adding demolition risk.
   
   
7. Motor Vehicle Insurance
   In 1898, the Law Accident Insurance Society created a form of motor vehicle insurance to follow up on the enactment of the Locomotive on Highways Act 1896 which allowed transportation via motor vehicles. Furthermore, in 1930 the Road Traffic Act was published which became the basis for the implementation of mandatory third party liability insurance. The reason is, people who often suffer losses due to motorized accidents do not receive compensation from the vehicle owner.
   
   
8. Engineering Insurance (Engineering Insurance)
   This type of insurance covers risks when constructing or installing machines. This design and construction insurance was born in the nineteenth century due to frequent and violent boiler steam explosions. In 1858, the first steam boiler insurance company was established to provide regular steam boiler inspection services and also insurance protection. Along the way, a number of regulations were born, such as the Explotion Act 1882 and the Factories Act 1937. In 1872, machine insurance (damage to steam engines) and electrical equipment insurance were born around 1897-1898, which was then followed by lift and crane insurance.
   
   
9. Aviation Insurance (Aviation Insurance)|
   In 1931, the insurance companies formed The British Aviation and General Insurance Co. Ltd and in 1935 formed The Aviation and General Insurance Co. Ltd. The formation of the aviation insurance company was motivated by the high demand for insurance for the use of aircraft for civil transportation.