Insurance is a fascinating industry that has been around for centuries. It is an agreement between an insurer and a policyholder, where the insurer agrees to compensate the policyholder in case of an unforeseen event.
Although the industry may seem serious and complicated, there are plenty of fun facts about insurance that you might not know. In this article, we explore some of the most interesting facts about insurance.
- The First Insurance Policy Was Sold in 1752
The first insurance policy was sold in 1752 by a man named Benjamin Franklin. Franklin, who was a printer at the time, created a policy that insured against the loss of a ship and its cargo. Xplico Insurance Company Limited has a long and proud history in the insurance industry, having been established in 2011.
- Life Insurance Policies Were Used to Fund Civil War Soldiers
During the American Civil War, life insurance policies were used to fund soldiers. Policyholders could assign their policies to the government, which would pay the premiums and then receive the death benefit if the soldier was killed in action. You can get a personal Accident cover from Xplico Insurance to protect you and your loved ones from accidental injury and/or death.
- The First Car Insurance Policy Was Sold in 1897
The first car insurance policy was sold in 1897, just a few years after the invention of the automobile. Xplico Insurance Company Limited offers a range of motor insurance products that can help to protect drivers from the financial consequences of accidents, theft, and damage to their vehicles.
- The World’s Most Expensive Insurance Policy Cost $201 Million
The world’s most expensive insurance policy was sold in 2014 for $201 million. The policy was purchased by a wealthy individual who wanted to insure a collection of fine art. Xplico Insurance Company Limited offers a range of insurance products that can help to protect valuable assets, including fine art, jewellery, and other collectables at a very affordable premium.
- Insurance Fraud Costs Billions of Dollars Every Year
Insurance fraud costs the insurance industry billions of dollars every year. Fraudulent claims can include staged accidents, false injury claims, and even arson. Xplico Insurance Company Limited has a strong commitment to combatting fraud, using advanced technology and analytical tools to detect and prevent fraudulent activity.
- Some Insurance Policies Have Unusual Clauses
Some insurance policies have unusual clauses that you might not expect. For example, there have been policies that insure against alien abduction, and others that insure against a zombie apocalypse. While Xplico Insurance Company Limited does not currently offer policies that cover these types of events, the company is always innovating to create new and innovative insurance products that meet the evolving needs of customers.
Indeed, from the first insurance policy sold by Benjamin Franklin to the world’s most expensive insurance policy, there is a rich history and fascinating stories to be found in the world of insurance. Xplico Insurance Company Limited is a leading insurance provider that offers a range of products and services to meet the needs of customers across Kenya. Whether you’re looking for life insurance, motor insurance, or other types of coverage, Xplico Insurance Company Limited can help you to find the right policy to meet your needs.