When clients sit across from me and ask, “Gawie, when did life insurance actually start?” I usually smile before answering. Because the truth is, while I sold my first life insurance policy almost 40 years ago, that was definitely not the beginning.
Life insurance has a history that goes back thousands of years. Far beyond South Africa. Far beyond Europe. In fact, it takes us all the way back to Ancient Rome.
Burial Clubs in Ancient Rome
Imagine living in Ancient Rome. Life is unpredictable. War, illness, accidents. Survival was never guaranteed. But even back then, people were asking the same question we ask today:
“What will happen to my family if I’m no longer here?”
The answer came in the form of what the Romans called burial clubs, or collegia. These were structured groups where members contributed money regularly into a shared fund. When someone passed away, the club ensured that funeral costs were covered and, in some cases, that the family received financial support.
These organisations were not informal arrangements. They had rules, membership fees, and even elected officials. In many ways, they functioned just like a modern mutual insurance system, where risk is shared across a group.
Members often paid an entrance fee and ongoing contributions, and in return, their families were protected from the financial burden of burial expenses and loss of support.
When I explain this to clients, I often say that life insurance is really just a formalised version of a community idea that has always existed. In South Africa, we see similar concepts in stokvels and community support systems.
From ancient ideas to written policies
Fast forward to London in the year 1583, and we see the first recorded life insurance policy as we know it today.
A man named Richard Martin arranged cover for William Gybbon. If Gybbon died within a year, a payout would be made. It was a simple agreement, but it marked the beginning of life insurance as a formal contract.
Interestingly, Gybbon did pass away within that period, and there was even a dispute about whether the claim should be paid. The matter went to court, and the payout was eventually honoured.
So from the very beginning, life insurance has not only been about protection, but also about trust, structure, and clarity.
The birth of the first life insurance company
The next major step came in 1706, when the Amicable Society for a Perpetual Assurance Office was founded in London. It is widely recognised as the first life insurance company in the world.
Members contributed to a common pool, and at the end of each year, funds were distributed to the families of those who had passed away. While simple compared to today’s products, the principle was the same:
People coming together to protect each other financially.
When science changed everything
Life insurance truly became what we recognise today when mathematics and statistics entered the picture.
In 1693, Edmond Halley created one of the first life tables using actual population data. This allowed insurers to better understand life expectancy and price policies more accurately.
Then, in 1762, the Society for Equitable Assurances introduced premiums based on age and mortality risk. This laid the foundation for scientific and fair life insurance as we know it today.
For the first time, life insurance was no longer guesswork. It became structured, measurable, and sustainable.
My own journey in life insurance
Now, bringing the story home. Nearly four decades ago, I sat with my very first client here in Alberton, South Africa. There were no digital tools, no automated systems, just a conversation and a commitment to help protect a family’s future.
I remember explaining how a monthly premium could provide financial security in the event of the unexpected. I wasn’t introducing a new concept. I was continuing a very old one.
The same idea that started with Roman burial clubs. The same principle that guided early policies in London. The same purpose that built the first insurance companies.
What makes the journey so rewarding is seeing the benefit that myself and G&S Insuance has provided all those families over the years, and still does. From humble beginning way back in the 1980’s to where we are today. It brings me great joy to see that it is not about what we earn today, but the rewards and security that it provides tomorrow.
Life insurance in South Africa today
When we talk about life insurance history in South Africa, we are talking about a continuation of a global story. Yes, the systems are more advanced. The products are more sophisticated. The regulations are stronger. But the core purpose has never changed.
It is still about protecting families.
It is still about planning for the unexpected.
It is still about peace of mind.
At G&S Insurance, we understand that no two clients are the same. That is why we focus on providing personal, tailored life insurance solutions that truly meet individual needs.
From ancient Rome to modern South Africa, life insurance has always been built on one simple promise: If something happens to you, your loved ones will not be left financially vulnerable. That promise has survived wars, empires, economic changes, and technological revolutions.
And it continues today.
Work with G&S Insurance
At G&S Insurance, we pride ourselves on offering some of the most personal and trusted life insurance support in South Africa.
With decades of experience and a client-focused approach, we take the time to understand your situation and help you choose the right cover for your family’s future.
If you would like to have a straightforward, honest conversation about your life insurance needs, we are here to help.
Contact G&S Insurance today and let us help you protect what matters most.