First Known Marine Insurance Contract Issued in Genoa
What happened
The earliest surviving formal marine insurance contract, dated October 1347, was issued in Genoa, Italy, marking the transition from informal risk-sharing to written insurance policies as a commercial instrument.
Literary impact
The mercantile culture of Genoa and other Italian city-states — rich with risk, fortune, and catastrophic loss — provided the social backdrop for Boccaccio and Petrarch; the formal commodification of risk influenced Renaissance literary themes of fortune and providence.
Source: Wikipedia
