19th Century: Expansion and Standardization

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Life Insurance: Life insurance became more organized in the 19th century. The first modern life insurance company, The Amicable Society for a Perpetual Assurance Office, was founded in London in 1706. However, it was in the 1800s that life insurance grew in popularity in Europe and the United States, as industrialization, urbanization, and the rise of the middle class created demand for financial security for families in case of the death of the breadwinner.
Health and Accident Insurance: The idea of health and accident insurance also began to take shape in the 19th century. In 1847, a hospital in Germany offered health insurance to workers. In the U.S., workers’ compensation insurance and accident insurance began to appear in the late 1800s, though widespread coverage for illness and injury did not develop until the 20th century.
Insurance Companies as Corporations: As the demand for insurance grew, insurance companies began to operate on a larger scale, and by the 19th century, they became major financial institutions. The concept of life insurance was increasingly marketed as an investment vehicle, not just as a protection for families after the death of a loved one.

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