History Of fire insurance

2. *PRESENTATION*
PRESENTED TO:-
PROF.KHURSHEED AHMED
PRESENTED BY:-
IQRA HAFEEZ
(Mi12BBA014)

3. FIRE INSURANCE

4. INTRODUCTION
• INSURANCE:-
INSURANCE IS THAT EQUITABLE
TRANSFER
OF RISK OF LOSS,FROM ONE PERSON TO
ANOTHER IN EXCHANGE FOR PAYMENT.

5. FIRE INSURANCE:-
• FIRE INSURANCE IS USED TO COVER DAMAGE TO A
PROPERTY CAUSED BY FIRE
• “BASICALLY THE NATURE OF FIRE INSURANCE IS
PROPERTY INSURANCE.”

6. HISTORY OF FIRE
INSURANCE
• FIRE insurance - as we know it today - can be
traced to the Great Fire of London of 1666
that ravaged London from Sunday, 2 to
Wednesday, 5 September.

7. • The Great Fire cost London an estimated £10million, at a time
when its annual income was just £12,000.
 Nicholas Barbon's Fire Office 1680
 Friendly Society 1683
 Hand-in-Hand 1696

8. • LATER ON
Charleston residents 1735 - 1741

9. JOINT STOCK COMPANY
• IN NORTH AMERICA 1792
• BY 1810 MORE THAN 70 INSURANCE CO.
CHARTERED IN U.S.A

10. CHICAGO FIRES
1871 - 1959
 GREAT CHICAGO FIRE 9,10 OCT 1871
 DESTROYED 2000 ACRES TOTAL LOSS 90-100 M$
INSURANCE CO. 200 BANKRUPT 68

11. IN PRESENT ERA
 EARLY IN 1960 THE GOVT.SECTORS PROVIDE THIS
INSURANCE.
 SOUTHSIDE FIRE DEPARTMENT IN GEORGIA 1961.

12. CONCLUSION
• To make a long story short,
Preventing fire losses has always been more important to
the insured than to the insurer. Although a particular fire
loss may not be statistically significant to an insurance
company, to the owner involved such a loss is not only a
direct financial issue but it also impacts many other
important business aspects, such as employee moral,
access to suppliers and the economic health of the
community.