Known as the Constitution State, Connecticut has a great deal of history dating back to 1788. As the fifth state in the Union, it has an impressive number of “firsts” that it can claim–among them, when, insurance companies in Connecticut got their start in 1810 when The Hartford Group, Inc. opened its doors officially for business. Based in Hartford, the company’s goal was to insure people in the event they lost their life or sustained personal injury while journeying by railway or steamboat, according to archives.
The firm’s history was storied. Originally called the Hartford Fire Insurance Company, it was founded by a collection of merchants who gathered in a local in and pooled $15,000. The company would establish a solid foundation of reliability, paying claims in good times and tough ones as well, even when the company’s coffers were dangerously low. In fact, in 1835, the president of the firm, Eliphalet Terry, resorted to using his own assets to cover all of the company’s claims in the aftermath of a catastrophic fire in the New York financial district. The insurer also weathered payouts on major disasters such as the 1871 Chicago fire, one of the largest catastrophic events of that century with hundreds killed and the much of the Chicago central business district; and the great earthquake in San Francisco (followed by a major fire that was just as devastating if not more) in 1906, with many hundreds of lives lost.
The businesses there, intent on protecting consumers and making them whole after an incident, would bring groundbreaking, innovative decisions to the marketplace, such as automobile, accident, and aviation coverage. The industry also created other unique coverage including the creation of the atomic bomb (insured by The Travelers) during World War II, beginning these companies’ continuing role in supporting the peacetime development of atomic energy.
Hartford’s nickname is insurance capital of the world
Today, the nearly 400-year-old city continues to live up to its nickname, as insurance is still the biggest industry in the area; insurance companies in Connecticut continue to offer consumers a variety of property, casualty, life and health coverage, with other major carriers such as Aetna, Travelers, The Phoenix Companies, United Healthcare and more with major operations there. Interestingly enough, life policies were not offered by an insurer in the area until 1846, in part because religious leaders had considered the practice immoral.
You can count on coverage from these fine businesses for yourself, your family, your business, and more. Contact a professional agent who has access to these and other of the nation’s top-rated firms.