the impetus for private insurance companies was the great fire, and one in particular. In 1666, there was a great fire in London. This event led to legal changes related to insurance. Their development became a matter of urgency, not just a matter of convenience as it had been perceived before.
Initially, many attempts at fire insurance failed. The first known insurance company was founded in 1681 by Nicholas Barbon, a doctor and economist and financial speculator, along with eleven associates. The company, which insured brick and frame houses, was called the Insurance Office for Houses.
In the following years, following the example of the first company, many similar companies were formed. During the first period, each company employed its own fire department to prevent and minimize fire damage to the properties it insured.
The first property insurance company that still exists today was founded in 1710. It was called the „Sun Fire Office”. Today, after many mergers and acquisitions, it is RSA Insurance Group.
