The Origins and History of Insurance: Timeline


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3000
Chinese merchants apportion risk across several vessels
Code of Hammurabi codifies marine insurance-like arrangement
1750
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600
Early form of bottomry develops among Hindus
Bottomry and respondentia contracts develop in Greece
300
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200
Roman burial clubs and societies in existence
 

 
Oldest recorded insurance contract in Genoa
1343
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1601
First insurance legislation enacted in Britain
Nicholas Barbon establishes the first insurance office in London
1667
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1684
The Friendly Society establishes a mutual insurance company in England
Lloyd’s of London forms in a London coffee house
1688
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1693
Edmund Halley develops the first mortality table
Hugh Chamberlain proposes an early form of disability insurance
1694
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1710
The Sun Fire Office forms in England
First stock insurance company forms in England
1720
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1735
The Friendly Society forms the first insurance company in America
Philadelphia Contributorship founded by Benjamin Franklin
1752
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1762
Equitable Assurance on Lives and Survivorship forms
Insurance Company of North America becomes the first stock insurance company in America
1792
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1837
Massachusetts enacts the first state law requiring adequate reserves
New York passes the first general insurance law in the United States
1849
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1851
New Hampshire appoints the first state insurance commissioner
National Board of Fire Underwriters formed in New York
1866
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1869
U.S. Supreme Court holds that insurance is not interstate commerce in Paul v. Virginia
New York adopts a ‘standard fire insurance policy’ that later develops into the industry standard
1887
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1898
Travelers Insurance Company issues the first automobile insurance policy
Wisconsin passes the first Constitutional workers compensation law in the U.S.
1911
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1944
Paul v. Virginia overturned by U.S. Supreme Court U.S. v. South-Eastern Underwriters Association
McCarran-Ferguson Act reiterates the (virtual) pre-eminence of state-based insurance regulation
1945
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1947
Precursor to modern guaranty funds forms in New York
National Flood Insurance Act establishes the federal flood insurance program
1968
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1981
Federal Risk Retention Act of 1981 is enacted
Gramm-Leach-Bliley Act is enacted by the U.S. Congress
1999
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2003
U.S. Supreme Court limits punitive damages in State Farm v. Campbell
Patient Protection and Affordable Care Act health insurance mandate
2010
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