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World’s oldest insurer traces roots to 1676 fire mutuals
Hamburger Feuerkasse was founded after the 1666 Great Fire of London spurred wider adoption of fire coverage, with General-Feuer-Cassa created on Nov. 30, 1676.
Risk & Insurance notes that while the US celebrated its 250th birthday this year, the publication highlighted a longer-lived milestone in insurance history: the modern insurance company’s development, anchored by the world’s oldest existing insurer.
The story dates the origins of the fire insurer to the late 17th century. Following the Great Fire of London starting Sept. 2, 1666, the outlet points to how frequent urban fires in Europe drove demand for coverage structures, including mutual assurance concepts that spread risk among participants.
According to Risk & Insurance, General-Feuer-Cassa was formed on Nov. 30, 1676 to provide fire insurance by amalgamating existing private fire contracts, with optional membership. The article says concepts such as deductibles and annual premiums were already standard within that model.
The insurer later became Hamburger Feuerkasse in 1867, the outlet reports, and it remains in existence today. Risk & Insurance also describes the firm’s role in shaping fire insurance practices as the industry evolved.