Insurance is nearly 4000 years old. It predates the oldest paper money by about 2000 years.
Discussion
We dont know the true timelines in history and none of this i verifiable.
However, mathematically, no insurer can cover all of their liabilities - so it is a fraud, the same as fiat money and central banking.
We know the timeline here because itβs written in stone (literally). Itβs called risk management. Apart from catastrophic events, every other claim is easily handled. Mathematically. For catastrophic events there is reinsurance. 99% of catastrophic claims are handled and paid with ease as well because they donβt occur every day. The 1% is usually War/Radioactive type events that are not covered by most contracts on Earth.
Look at Saylors chart - as an example and do the math
Real estate is worth 330T - Gold $16T. how can everyones house be insured? At some point, under hard money standard, they will default as liabilities>assets.
This means they would be insolvent and operating fraudulently. 