Globally, the historical origins of modern commercial insurance trace back to entities established in Europe during the late 17th century following events like the Great Fire of London, with early pioneers such as the Hand in Hand Fire Office (founded in 1696) and the Sun Fire Office (founded in 1710) setting foundational precedents. In terms of continuous operations and formal corporate structures, companies like Royal Insurance and older marine underwriting syndicates laid the groundwork for modern risk management across international financial markets.