Question

What was the first known reinsurance contract in marine insurance?

a.

Concluded in 1370 in Genoa

b.

Concluded in 1681 in France

c.

Concluded in 1746 in Europe

d.

Concluded in 1864 in the UK

Answer: (a).Concluded in 1370 in Genoa Explanation:The oldest known reinsurance contract in marine insurance was concluded in 1370 in Genoa. Reinsurance was later indirectly referred to in legal texts in 1681 in the ordinances of Louis XIV and directly in 1746.

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Q. What was the first known reinsurance contract in marine insurance?

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