History of insurance, and the need for a professional insurance logo.


Posted by admin 10/07/2017 0 Comment(s)

History of insurance, and the need for a professional insurance logo.

It all started with a burial insurance. But it was not the fear of dyeing that prompted the creation of the first insurances in human history, but the fear of a too modest funeral. This was related to a pronounced death cult in many ancient societies. As a consequence less wealthy citizens joined to form funeral societies in ancient Egypt as well as in Greece and the Roman Empire. They collected small amounts of money from their club members which they used for proper funeral ceremonies and tombs that would otherwise have been unaffordable for the deceased person's relatives.

The first insurances of economic activities, in particular against the loss of ships or shipped merchandise, also go back to ancient Roman times.
In the Middle Ages, and in the early modern times, guilds and miner's associations protected their members on a mutual basis, which translated into help in the case of fire, cattle death or production losses, but also included payments to widows and orphans whenever an orphan died.

The first municipal fire guild was founded in 1453  in Itzehoe in northern Germany. But it was not before the end of the 17th century that public insurances against fire damage were created in the wake of the great fires that ravaged the cities of Hamburg and London.

The firs life insurance was signed in England back in 1583, but it took another 200 years before England saw the first life insurance society(“The Equitable Life Assurance Society” founded in 1762), which, by the way still exists today. It relied on mortality tables that showed death probabilities by age and sex, which in turn determined the premiums to be payed by ensured persons.

At the turn to the 18th to the 19th century, the modern insurance industry developed in Europe and North America. It based it's success on increasingly better statistical data, actuarial models, and better information about risk costs. At the same time population as well as the number of household and companies was on the rise, which increased demand for protection against a wide range of risks.

In the second half of the 19th century, regulatory bodies were created. The first one was established in 1855 in the US State of Massachusetts. Following the Vienna's stock exchange crash of 1783, which resulted in the bankruptcy of several assurance companies, the so called Assicurant's Bureau was created in Austria. It is the precursor body of today's Austrian Prudential Supervision. 
Public social security systems started in the 1880's. The first one in 1883 in Germany, but Austria followed suit in 1887.

Since then tow different systems have coexisted:
-Statutory insurance, mandatory for all gainfully employed
-Insurance in the private economy
To give an example: In case of an accident at work, the statutory insurance provides coverage. In case of an accident in leisure time, which happens more often it does not. The statutory protection provides a solid basis, but a comprehensive protection can only be gained in combination with private insurance.  

When considering to design a logo for an insurance company first you have to identify your unique selling position. This could be called your insurance specialty, or the type of insurance that makes you different from your competitors. Some insurance companies have a specific niche, or a type of insurance that they are best known for, such as auto, life, dental or renter insurance. These companies may use a symbol that best represents their trade for their logo design.
Other companies that specialize in a variety of insurances may choose a logo design to represent the quality of their services, trustworthiness, affordability, or longevity of their business. Some popular images for an insurance logo design may be : rooftops, umbrellas, shields, flags, or  symbols of stability( such as trees mountains, eagles, etc.).

If you are seeking to design a logo for an insurance company, or any other business, you may use any of our logo designs for free and without any login or strings attached. We, here at graphicheck.com always do our best to  provide you with the best logo design templates that can be customized to your needs by yourself or by professionals on our affiliate website freelancer.com .

Leave a Comment