It's very old. A Babylonian merchant borrowing to transport goods could pay a surcharge to cancel repayment if the cargo was lost in transit, a system adopted in Europe from ancient Greece onward. Rome had contributory societies to support families of deceased members, a practice likewise continued by medieval guilds which also offered support in the event of illness. The modern insurance market is commonly traced to 17th-century London, especially after the devastating fire of 1666 demonstrated the risks to property.