The History of Life Insurance Companies
Life insurance has been around in various forms since the Roman Empire, but companies selling life insurance policies have been around only since the 1800s. Before the 1800s it was illegal to sell these policies in all of Europe, except for England. The history of life insurance companies shows that the type of insurance company we know today is an evolution from the original version of provider. Who were the first life insurance companies? Which are the oldest? How did they form?
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Burial Clubs
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The first policies were granted by "burial clubs" in Roman society. These clubs covered the cost of funeral expenses for members and helped the surviving family members.
Insurance Societies
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Many life insurance companies started as "societies" or organizations offering subscriptions to group policies. These societies were popular in the 1700s in both England and America.
American Insurance
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The first insurance company in the United States formed in Charleston, South Carolina, in 1732. Life insurance wasn't added to its products until 1760.
Slave Insurance
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Before the Civil War, many American insurance companies offered life insurance for slaves. The policies paid the slaveholder if the slave died.
Modern Companies
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Lloyd's of London is one of the oldest life insurance companies, starting business in 1769. The Presbyterian Ministers Fund is the oldest American life insurance company, dating from 1759. New York Life began doing business in 1843.
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Comments
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good information for industry players.
