DID YOU KNOW

Fire Insurance originated

The Great Fire of London (1666) destroyed more than 13,000 houses and displaced about 100,000 people but it took a couple of decades for its embers to spark the first blaze of the fire insurance business. Nicholas Barbon was probably the first to recognize the potential of a fire-threat protection business, establishing the first fire insurance office near the Royal Exchange in 1681.

The Great Fire of London reshaped the architecture of London and was a factor in establishing the City as a place of financial innovation.

The basic concept of insurance is to spread the risk among a large enough pool so that no one person suffers the entire cost of the loss.

Fire Policy 1711

Fire Policy 1711

Great Fire of London 1666

Great Fire of London 1666

Chicago Fire of 1874

Chicago Fire of 1874