The history of the insurance industry is full of familiar names that make the industry what it is today. Men like Benjamin Franklin, Sir Edmund Haley (of comet fame), and the German “Iron Chancellor” Otto Van Bismark, are the pioneers of the industry. They helped establish workers compensation laws, laid the ground work for modern fire departments, and provided stability during our nation’s tumultuous infancy. Benjamin Franklin’s Philadelphia Contributorship for the Insurance of Houses from Loss by Fire is the United States longest lasting insurance company. The company set standards for fire prevention, established fire districts, and paid for fire damage and suppression. Sir Edmund Haley published the first known mortality tables, introducing the world to probability, now a standard practice for the insurance industry. Otto Van Bismark fought for workers rights and established fair workers compensation laws.
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Facts and Legends of Insurance Industry History