Benjamin Franklin helped found the first fire insurance company in the U.S. in 1752.
That company was the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, organized largely through Franklin’s efforts. It operated as a mutual insurer, meaning policyholders shared the financial risk rather than simply buying coverage from a distant corporation. Franklin promoted the idea through his newspaper, The Pennsylvania Gazette, which advertised an organizational meeting in February 1752.
The Contributionship did more than promise to pay after a fire. It inspected properties, rejected buildings that failed safety standards, and set rates according to risk. It also established a financial reserve for claims—an important step toward modern insurance practice. The company was incorporated later, in 1768, so its founding and incorporation dates are not the same.
A common mix-up is confusing this milestone with the first organized firefighting services or with the founding of the United States itself. The company was created in colonial Philadelphia, decades before American independence, and remains associated with the city’s insurance history.