Father of Insurance

 The title “Father of Insurance” is often attributed to Benjamin Franklin for his pioneering work in creating modern insurance practices in the United States. Franklin founded the first successful American fire insurance company, the Philadelphia Contributionship, in 1752. This company introduced many of the principles still used in insurance today, such as risk assessment and premiums based on property conditions.

On a broader, global scale, Lloyd’s of London, founded in the late 17th century, is often credited as a key institution in shaping modern insurance, especially in maritime and shipping insurance.

In ancient history, Hammurabi’s Code (around 1754 BCE) from Babylon is one of the earliest known examples of formalized risk-sharing practices, which laid the groundwork for the concept of insurance.

Thus, while Franklin is often recognized as a key figure in American insurance, the development of insurance spans centuries and involves contributions from various cultures and systems​(Money)​(Investopedia).