Babylonian Traders - Bottomry loans - the loan taken against the security of the ship or its goods had to be repaid only if and when the ship arrived safely, after the voyage, at its destination
Greeks - Benevolent societies - 7th century AD, to take care of the funeral - and families - of members who died. The Friendly Societies of England were similarly constituted.
The inhabitants of Rhodes adopted a practice whereby, if some goods were lost due to jettisoning during distress, the owners of goods (even those who lost nothing) would bear the losses in some proportion.
Chinese traders in ancient days would keep their goods in different boats or ships sailing over the treacherous rivers to distribute or reduce losses
Life Insurance Companies Act, 1912 was passed to regulate insurance business
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