Benjamin Franklin and American Insurance

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ot content with the titles of statesman, scientist, inventor or author, Benjamin Franklin added insurer to his collection. In 1752, the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire became the first mutual fire insurance company in America.

Much like London in the 1600s, houses at this time were made almost entirely out of wood. Worse yet, the settlements that grew into the cities were built close together. This was originally done for security reasons but as cities grew, developers built homes very close to each other for the same reasons they do today – to fit as many homes as possible on their development plots.

Demonstrating high moral and ethical standards are vital to success in the insurance business. Insurers that have a clear vision based on ethical practices should be more successful over the long term than organizations whose personnel fail to act ethically.