How did it come about?
Insurance is a very necessary element in our daily life because we never know when any of our organs can begin to fail when we can have a serious injury, when our house can suffer some effect of time, or when our vehicle can have an accident, everything that includes insurance and is not pessimism, it is controlled to the details.
When we talk about health insurance, history is transported back to the classical era and the Greeks; however, this would be going back too far back in time, a story that is necessary for the understanding of how everything else came about, but that we will summarize to its minimum expression for the optimal understanding.
The brief appearance of insurance in the world
In the world, insurance existed in an archaic form and without much paperwork, it was more like a common fund where everyone generated a certain contribution and in the event of death, this money was used for burial expenses.
In these times the collections were made by temples and religious, the funds were communal but used directly to cover the members who were insured “in a certain way” so it could be considered insurance in terms of work.
The philosophy used then and now was about “mutual support in the face of possible misfortunes” and this was one of the best ideas in an era where mortality was something quite normal among citizens.
Bonding to deal with group threats resulted in a myriad of ways, although policyholders had some differences; for example, when the breadwinner dies, someone else adopts the family in his place so that they are not left helpless in all economic situations.
At present, insurance is of course handled differently and it is the insurers who adopt the role of “head of the family” in any situation.
The origin of insurance in the United States.
In the United States, the current life insurance landscape is feared and desired in equal measure. Those who do not have insurance fear that getting sick will generate a terrible expense and for the insured, the fear is because their insurance does not cover something in particular; however, they are necessary, functional, and very well established by American law, all this is due to history and how it came about.
The history of insurance begins in 1752, specifically in the time of colonialism with Ben Franklin at the head. The insurance company called “The Philadelphia Contribution” (Today Contributionship) is undoubtedly one of the longest-lived, but it wasn’t incorporated until 1768. What about the years before that?
Before the incorporation of “The Philadelphia Contribution,” they wanted to establish life insurance again through the channels of religion. The Presbyterian church was in charge of carrying out this process and they did not seek any kind of profit, only to protect families.
The idea was granted with feeling and humanity, influenced by the broad desire to help each other as a community to bear the monetary burdens of any kind of emergency or complication.
In the beginning, this movement of the church was carried out with the need to protect orphans and widows from the death of the breadwinner; However, with values and mathematical reserves that had been paid to the church, a greater coverage was sought, the importance of the resources being allocated to people without good economic status in old age.
When everything was managed on the basis and with the permission of the legal entities, in 1759 the Presbyterian Ministers Fund was created, which in addition to protecting the cases already exposed, was also in charge of completing the pension of the family of the shepherds who at that time were very rare.
The movement was what deepened the issuance of life insurance policies, where the success of the operations carried out with their policyholders turned them into profitability competition against other companies that were beginning to position themselves for-profit and without religious relations of if.
Another of the insurance companies that undoubtedly appeared among the first in the United States is the Insurance Company of North America, which issued life insurance for a period of 10 years from 1794 to 1804, although then it interrupted its operations, this destabilized in certain It forms a large part of the American population, although it gave way to other companies to rise with opportunities.
Pennsylvania Company for Insurance on Lives and Granting Annuities was one of the companies that took advantage of these opportunities in addition to offering health insurance for the first time (remember that they were only based on funeral and pension services at that time), with this they were all established the other companies based on this.
Finally, the popular insurance appreciation was achieved in the year 1847, where the acceptance of the working class allowed the receipt of a large amount of health insurance and shortly after, the working class, or at least 60% of it already had health insurance.
The breakthrough of insurance companies
Insurance companies in the United States by the 60s already had a number of 1431 insurance companies, with this there was a total capital among all of them of 113 billion dollars, this would be equivalent to a very correct amount for each insured person from the country.
In short, it could be said that insurers in total accumulated a greater amount of dollars than all the banks and mines that the country had at that time and today, insurance companies quote much more.
Currently the country has more than 2500 insurers, all of these operate legally and are backed by principles of fiduciary administration, the funds deposited are managed with strict vigilance to maintain order in the insurance area, because by managing so many public assets, the state is responsible for regulating through legal channels.
The strengths of the story
• In the United States, insurance has been renewed and changing, among them, for example, automobile insurance that did not exist before and is now a civil obligation.
• Insurance in the United States was previously sold through trust, the distribution and arrival of new clients was always a spokesperson, something that has been improved with electronic media and the internet, offering services that in addition to better specifying what they offer , bring with them greater reliability and trust by testimony.
• Insurers are subject to the Mcarran-Ferguson Act of 1945, which establishes that they are anchored in state laws, not federal.
• There was a time in the 19th century when insurers were involved in fraud due to their few regulations, specifically in youth insurance, these were regulated with vigilance and their privatization came to be monitored by the state.
The appearance of the different types of insurance in the USA
The United States, making use of its first insurance company managed directly by the state such as the Philadelphia Contribution, offered in the first instance, construction standards, these allowed its policyholders to be able to cover fire homes, since these were the most dangerous risks. alarming for the country.
The evaluation of the company was based on evaluation of building and building codes, although this was not the only thing, since seven years later Benjamin Franklin would also join the fund of Presbyterian Ministers (insurer already mentioned above), from there the coverage for orphans and widows, as well as pension and maintenance insurance for the disabled and retired, all with the aim of offering a better quality of life.
The insurance for vehicles came a long time later in 1897, this would have as its purpose a civil protection insurance against automobile accidents as well as the policy for theft or accident of the same, with time coverage for aircraft would also arrive, specifically in the year 1919.
With each decade and life conditions, different insurances appeared, all of them with the purpose of making a person’s life much more comfortable in the event of an accident, a task that they clearly achieved with flying colors.
Importance of insurance in the United States
Given the history and all the events that occurred based on insurance, we could say that they are a great and important column in the country, since they manage the savings funds of millions and millions of Americans. At the time of the Second World War, the country was besieged by reports of behavior and businesses that pointed to relapses in insurance, a logical instability since these were intertwined with international banking systems and some insurers were not exactly of American origin.
Insurance allows coverage in all possible aspects and its importance goes back to the human need to always be financially well-off.
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