INDUSTRIES AND COMPANIES In
America
History of insurance refers to the development of a
modern business in insurance against risks, especially
regarding ships, cargo, and buildings ("property" and
"fire"), death ("life" insurance), automobile accidents
("auto"), and the cost of medical treatment (health
insurance).
The History Of Insurance In America
The industry has been profitable and has provided
attractive employment opportunities for white collar
workers.
It helps eliminate risks (as when fire insurance
companies demand safe practices and the availability of
fire stations and hydrants), spreads risks from the
individual or single company to the larger community,
and provides an important source of long-term finance
for both the public and private sectors.
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Insurance as we know it today can be traced to the
Great Fire of London, which in 1666 devoured 13,200
houses. In the aftermath of this disaster, Nicholas
Barbon opened an office to insure buildings. In 1680,
he established England's first fire insurance company,
"The Fire Office," to insure brick and frame homes.
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The History Of Insurance In America
The first insurance company in the United States
underwrote fire insurance and was formed in Charles
Town (modern-day Charleston), South Carolina in 1732,
but it provided only fire insurance.
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The History Of Insurance In America
History Of In America
Benjamin Franklin and American Insurance
Not content with the titles of statesman, scientist,
inventor or author, Benjamin Franklin added insurer to
his collection. In 1752, the Philadelphia Contributionship
for the Insurance of Houses from Loss by Fire became
the first mutual fire insurance company in America.
Benjamin Franklin helped to popularize and make
standard the practice of insurance, particularly Property
insurance to spread the risk of loss from fire, in the form
of perpetual insurance. In 1752, he founded the
Philadelphia Contributionship for the Insurance of
Houses from Loss by Fire.
Franklin's company was the first to make contributions
toward fire prevention. Not only did his company warn
against certain fire hazards, it refused to insure certain
buildings where the risk of fire was too great, such as all
wooden houses.
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The History Of Insurance In America
The sale of life insurance in the U.S. began in the late
1760s. The Presbyterian Synods in Philadelphia and
New York founded the Corporation for Relief of Poor
and Distressed Widows and Children of Presbyterian
Ministers in 1759; Episcopalian priests created a
comparable relief fund in 1769. Between 1787 and 1837
more than two dozen life insurance companies were
started, but fewer than half a dozen survived.
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The History Of Insurance In America
19th century
Most insurance companies operated locally. The
ambitious ones expanded geographically in the
1830s, such as the New York Life Insurance and Trust
Company in upstate New York, and the Baltimore Life
Insurance Company in the Mid-Atlantic and Upper
South. They built a network of agents to develop
markets in different cities.
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The goal was to only insure people "of sound health,
and of sober habits, without hereditary disease, and
not belonging to families remarked for short lives. The
company had to judge the reliability of agents, who
sought out clients, canceled dubious policies, and
judged the health of potential customers. The agents
were not medical men, but they were instructed to ask
applicants some standard questions:
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The History Of Insurance In America
In 1935, the Social Security Act came into effect,
providing unemployment compensation and old-age
benefits. This took away some of the insurance
companies' territory and it sent a clear signal that
encouraged the industry to begin regulating itself for
fear of more government involvement.
Social Security
Until the passage of the Social Security Act in 1935, the
federal government had never mandated any form of
insurance upon the nation as a whole, but this program
expanded the concept and acceptance of insurance as
a means to achieve individual financial security that
might not otherwise be available.
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The History Of Insurance In America
Car insurance
During the 1950's - 1960's - 1970s and 1980s there was a
growth in support for the requirement for drivers to have
insurance as a means of proving financial responsibility
since it was recognized that the automobile, in the case of
an accident, could cause significant collateral damage. It
soon followed that car insurance became a mandatory
requirement for all drivers.
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The History Of Insurance In America
Health insurance in the United States
Accident insurance was first offered in the United States by
the Franklin Health Assurance Company of Massachusetts.
This firm, founded in 1850, offered insurance against injuries
arising from railroad and steamboat accidents.
Sixty organizations were offering accident insurance in the
US by 1866, but the industry consolidated rapidly soon
thereafter. In 1887, the African American workers in
Muchakinock, Iowa, a company town, organized a mutual
protection society.
Members paid fifty cents a month or $1 per family for health
insurance and burial expenses. In the 1890s, various health
plans became more common. Group disability policy was
issued in 1911
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Commercial insurance companies began offering accident and
sickness insurance (disability insurance) as early as the mid-
19th century. The first group medical plan was purchased from
The Equitable Life Assurance Society of the United States by
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The History Of Insurance In America
Moral hazards
Moral hazard is the change in behavior of the insured party
who may take greater risks, or consume higher levels of
insured services, because they know they are covered by
insurance. The insurer may have to pay more claims than
expected. The more insurance claims are made however, the
higher premiums become.
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Insured parties might set fires to collect property insurance—
or even commit suicide or murder when life insurance was
involved. From the opposite angle, religious people refused
to consider insurance against God's decisions. Fraud was also
a problem, as people lied on applications, broke policy
restrictions, or falsified their own deaths so their family could
collect
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Life Insurance History in the United States''
With the British knowing the basics of life insurance and the things that could help people
like the life insurance industry, they decided to give it a try in the United States of America.
After talking about how they would decide on coming about with the first life insurance
company, they decided to base it on the well known British model at the time.
The first life insurance company in American soil was founded in the Southern Colony of
Charleston, South Carolina in the year 1735.
About 20 years later the entire colonies saw that this was a good idea, so the Presbyterian
Synod of Philadelphia decided to sponsor the first life insurance corporation in the United
States, which wrote its first policy in the year 1761.
''The History Of Insurance In America ''
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