The concept of insurance, at its core, is about risk management and the distribution of risk among a group of individuals or entities. This practice has roots that stretch back to ancient civilizations and has evolved significantly over time. # Ancient Origins The earliest known instances of risk-sharing practices date back to ancient times. In China, as early as the 3rd millennium BCE, merchants distributing their wares across dangerous rivers would redistribute their goods among many vessels to limit the loss due to any single vessel’s capsizing1.