The Great Fire of London in 1666 left London facing one of the most devastating disasters in its history. So how do you think this great disaster gave rise to insurance? Let’s explain.
Starting on September 2, 1666 The Great Fire of LondonIt started in Pudding Lane and quickly took over most of the city.
Details about this fire, which lasted for 4 days and almost caused the complete disappearance of London at that time in our content below you can read.
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Let’s continue talking about how this tragedy laid the foundations of modern insurance.
The fire was so severe that it was destroyed in the narrow streets of the wooden houses of that period. It was almost impossible to stop the fire.
After this fire that lasted exactly 4 days, approximately 13,000 houses87 churches and countless businesses were reduced to ashes.
The fact that people lost their property brought to mind the question of how they could be protected from this tragedy.
At this point, home and business owners who lost their property after the fire, to secure their goods They began to look for their way.
Following the fire, the noble families of England were forced to sell their property to take under protection They came up with the concept of “fire insurance” as a way.
In this direction, in 1680 Nicholas Barbon A doctor and entrepreneur named, in London “Fire Office” He founded the first fire insurance company called (Fire Department Office).
This company was the first organization to insure buildings against fire, so that people could rebuild their properties. financial security aimed to provide.
This company founded by Barbon not only provided confidence to the people of London but also paved the way for a major economic transformation.
After this company took the step of modern insurance, the idea of insurance quickly became popular and many new insurance companies emerged subsequently.
These companies are not only against fires against other natural disasters and accidents also began to offer protection.
In summary, The Great Fire of London It not only reduced the city to ashes, but also gave rise to a system of innovation and assurance, giving rise to modern insurance.
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