HISTORICAL DEVELOPMENT OF LIFE INSURANCE

Sara Počuča; Dalibor Krstinić

Authors

Sara Počuča Dunav Banka, Foreign Currency Operations Sector, Belgrade
Dalibor Krstinić The Faculty of Law for Commerce and Judiciary, Novi Sad, The University of Business Academy

Abstract

The origins of certain forms of property and life security date back to a very distance past. The beginnings of commodity and monetary relations and class society mark the beginning of insurance activities as well. The basic function of insurance has not changed throughout its history and it amounts to the property and individual protection. Life insurance, as a special type of a personal insurance, occupies an important place in insurance activities today. Insurance premiums keep growing in the global market and so does the share of life insurance in the total premium structure. As early as in 1996, it constituted 57%, while the others, non-life insurances, constituted 43%. This paper treats the historical development of life insurance, from the very origins of this type of insurance to this very day.

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