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The first insurance company in the United States underwrote fire insurance and was formed in Charleston, South Carolina, in 1735. [4] In 1752, Benjamin Franklin helped form a mutual insurance company called the Philadelphia Contributionship, which is the nation's oldest insurance carrier still in operation.
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Casualty insurance is a defined term [1] which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance. Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or omissions. [2] However, the term has also been used for property insurance ...
The insurance industry helps to eliminate risks (as when fire-insurance providers demand the implementation of safe practices and the installation of hydrants), spreads risks from individuals to the larger community, and provides an important source of long-term finance for both the public and private sectors.
The Palisades Fire between Santa Monica and Malibu on the city's western flank and the Eaton Fire in the east near Pasadena already rank as the most destructive in Los Angeles history, consuming ...
The mutual/casualty insurance industry began in the United States in 1752 when Benjamin Franklin established the Philadelphia Contributionship for the Insurance of Houses From Loss by Fire. [1] Mutual property/casualty insurance companies exist now in nearly every country around the globe. [2] The global trade association for the industry, the ...
A State Farm Insurance office occupies a classic railroad depot in Hiawassee, Georgia. State Farm is the largest property and casualty insurance provider, and the largest auto insurance provider, in the United States. [8] State Farm is ranked 39th in the 2024 Fortune 500, which lists American companies by revenue. [9]
This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below: