World’s Oldest Insurance Company

In 1666, the Great Fire of London nearly destroyed the city.  In the aftermath of the Great Fire, a number of laws and ordinances were passed directly related to the fire that attempted to eliminate such devastation from future fires. One law, for example, required that each quarter of the city be provided with 800 leather buckets and 50 ladders, as well as other firefighting equipment. Each house had to have buckets, and the occupants were required to participate in hand-to-hand bucket brigades.

Another law allowed for the incorporation of an organization to indemnify for losses due to fire. This one set the stage for the first insurance company. By the time of the Great Fire, Nicholas Barbon, M.D., was a successful doctor but was already starting to make a name for himself as a prolific writer and economist. He got involved in the reconstruction of London. As he amassed his own wealth, many of his writings had to do with wealth, value, and similar topics, he began to worry that his wealth was tied up in property that could burn in another fire.

In the year following the fire, 1667, Dr. Barbon was instrumental in forming the first actual insurance company. It was known as "The Insurance Office" and was located in a small office behind London's Royal Exchange.  To protect the houses and other buildings it was insuring, The Insurance Office formed actual fire-fighting teams. They were issued equipment and identifying badges. Their job was solely to put out fires in the buildings they insured.

Other insurance companies followed. They had names like the Friendly Society and the Hand-in-Hand, and they also employed their own fire departments.  It became obvious that there had to be a quick and easy way for these brigades to be able to identify the houses and buildings that their employers insured. The various insurance companies began issuing signs, called "firemarks," to their policyholders. In England, where this all began, most of the firemarks were made out of tin. The company would issue them, and the policyholder would mount it under the eaves in the front of the house.

So, what happened to the first insurance company, The Insurance Office? Well, nobody is exactly sure, but it eventually went out of business. The oldest documented insurance company today dates back to 1710. Originally known as the Sun Fire Office, it started not all that long after the original Fire Office, and probably while the first was still in business. The Sun Fire Office, through many mergers and acquisitions, is today known as Royal & Sun Alliance, Britain's largest insurance company.

When considering your needs for insurance products for your home or business remember contacting Bennett Insurance Group is the right move.  Give us a call at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com