The institution of insurance in one form or the other is as old as man himself. The first type of insurance was of the nature of sharing risk of life in agroup and this form of insurance is surmised to have appeared sometime between the age of savagery and barbarism. In the Arabic peninsula, which in much later years was to become the seat of Islam, insurance in its earliest form was looked upon as pay‐ment of blood money by a group to lighten the loss of a member of the group. This was a form of mutuality in pre‐Islamic tribal Arabia.