Monday Open Line


Many things we take for granted in current society actually had their beginnings in Colonial America. And many beginnings in Colonial America took place in Philadelphia. The first known life insurance company was called the “Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers,” chartered this month in 1759. Given the year and location, it should not be surprising that Benjamin Franklin was something of an inspiration, having helped launch the colonies’ first chartered fire insurance company in 1752, and also in Philadelphia. Now, there are over 132,000 insurance agencies and brokerages in the U.S., with nearly 640,000 agents and workers. The insurance industry is a $107 billion a year sector of the economy. You can find more facts about America from the U.S. Census Bureau online at <www.census.gov>.