The Great Fire of London (1666) destroyed more than 13,000
houses and displaced about 100,000 people but it took a couple
of decades for its embers to spark the first blaze of the fire
insurance business. Nicholas Barbon was probably the first to
recognize the potential of a fire-threat protection business,
establishing the first fire insurance office near the Royal
Exchange in 1681. The imaginatively named ‘The Insurance Office
for Houses on the Backside of the Royal Exchange’ was a mutual
scheme for house insurance, guaranteed by a property investment
fund. The trust deed allowed Barbon’s firm to insure up to
10,000 houses. However, despite its charming name, it went out
of business in around 1710. ‘The Friendly Society for Securing
Houses from Loss by Fire’ faired somewhat better, entering the
scene in 1683 and issuing 23,000 policies before its demise in
1730. It wasn’t until the launch of the Hand-in-Hand in 1696
that a fire insurance business with longevity took a firm
foothold. This was followed by the