Monday, February 8, 2010
To talk about the insurance companies, insurance in modern form had occurred after the Great Fire in London in 1666 which destroyed myriad houses. Nicholas Barbon, following the disaster, had established England's first fire insurance company (The Fire Office) in1680. In the United States, the first insurance company which provided fire insurance was formed in in South Carolina, in 1732.The practice of perpetual insurance against fire was popularized by Benjamin Franklin. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses . In India, the Oriental Life Insurance Company was started in 1818 by Europeans, much before independence.the first indigenous insurance company in India was started in the year 1870 in the form of Bombay Mutual Life Assurance Society.
Labels: History of Insurance Companies
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