The Birth of Modern Property Insurance

_{1 mins to read | January 21st, 2026}

Did you know that The Great Fire of London 1666 led to the creation of modern Property insurance?

_{The Great Fire of London 1666}

_{Credit: London Museum}

There’s nothing like a giant, city-destroying fire to get people thinking about better fire safety measures.

And so, in 1680 the first insurance company, called the ‘Fire Office’, was set up by Nicholas Barbon, behind the Royal Exchange.

_{Nicholas Barbon}

_{Credit: Insurance Museum}

By 1700, companies realised that it would probably be cheaper to put out the fires more effectively than pay for rebuilds so they began to employ their own fire brigades, usually Thames Watermen. The insurers created ‘fire mark’ plates which were fixed to the front of a building to identify which houses were insured by each company when the fire fighters arrived. The first to use the mark was the Sun Fire Office.

And did you know, if it was a particularly large fire, fire fighters would enlist the help of the general public by offering them beer tokens so they could get themselves a free beer afterwards!

If you want to find out more about the history of the City, please join us on a walking tour at London City Mouse tours.