First Insurance
About First Insurance
Modern insurance began at Lloyds Coffee House in London around 1688, where merchants, ship owners, and underwriters met to share maritime risks. The Great Fire of London in 1666 spurred property insurance. Nicholas Barbons Fire Office, founded in 1680, was the first fire insurance company. Life insurance emerged in the 18th century. The Equitable Life Assurance Society, founded in 1762, pioneered scientific life insurance using mortality tables. Marine insurance expanded to cover all types of trade. By the 19th century, insurance covered virtually every type of risk. The insurance industry now manages over 30 trillion in assets globally.
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