“The idea of distributing risk has been around since the 14th century when insurers of trading ships wanted someone to share the uncertainties of long sea voyages.
“Modern reinsurance was established in 19th-century Europe, which some historians credit to large fires in Hamburg, Germany, and Glarus, Switzerland, where significant losses led to the founding of many of today’s leading reinsurance companies.”
It has been around since Hammurabi. For shipping, ancient Roman cargo ships had a loan system that spread risk much like the first underwriters of 14th century Europe. Insurance is one of the fundamental pillars of a civilization.