The insurance industry has helped people manage risk for centuries, from maritime ventures in the 1600s to modern-day property and life insurance. While the industry has evolved dramatically, some of the companies that shaped its early days are still operating today. In this article, we explore the oldest insurance companies still in business, focusing on legacy firms in the United States and around the world.
Whether you’re curious about corporate longevity or researching the historical roots of today’s major carriers, this guide provides the context and clarity you need.
The Origins of Insurance Companies
The concept of insurance dates back thousands of years. Early forms of risk-sharing appeared in ancient Babylon and China, but modern insurance as we know it began to take shape in Europe during the 17th century. Marine insurance gained prominence in port cities like London, eventually formalized through institutions like Lloyd’s of London.
America’s First Insurance Institutions: A Historical Look
While the 17th century saw insurance practices flourish in Europe, the American colonies began forming their own institutions in the mid-18th century. One of the earliest was The Philadelphia Contributionship, established in 1752 by Benjamin Franklin as a mutual fire insurance organization. This pioneering mutual insurer was created to help homeowners share fire-related risks.
Among the next generation of American insurers was The Hartford, established in 1810 in Connecticut. Like The Philadelphia Contributionship, it began with a focus on fire insurance but quickly adapted to the changing needs of a growing country.
By the mid-19th century, companies like The Hartford and The Philadelphia Contributionship began broadening their offerings to include personal property, marine, and commercial coverage. As industrialization accelerated, so did the demand for specialized insurance—leading to the introduction of life insurance, liability policies, and inland transit coverage. These expansions laid the groundwork for the diverse, multi-line insurance models we see today.
These foundational institutions set the stage for the American insurance industry’s expansion into life, health, marine, and casualty markets throughout the 19th century. They also introduced governance practices, underwriting standards, and policy structures that shaped how insurance would be regulated and litigated for generations to come.
Top 10 Oldest Insurance Companies Still in Business
Here are some of the oldest insurance companies in the world that are still active today:
| Company Name | Year Founded | Country | Original Focus | Status Today |
| Lloyd’s of London | 1688 | United Kingdom | Marine Insurance | Global reinsurance marketplace |
| Sun Fire Office (now RSA Group) | 1710 | United Kingdom | Fire Insurance | Part of Intact Financial |
| The Philadelphia Contributionship | 1752 | United States | Fire Insurance | Mutual insurer |
| The Equitable Life Assurance | 1762 | United Kingdom | Life Insurance | Part of AXA Group |
| Aetna | 1853 | United States | Life Insurance | Part of CVS Health |
| The Hartford | 1810 | United States | Fire Insurance | Major U.S. insurance provider |
| AXA | 1816 (as Mutuelle de L’assurance) | France | Various lines | Multinational insurer |
| Munich Re | 1880 | Germany | Reinsurance | Global reinsurer |
| Metropolitan Life (MetLife) | 1868 | United States | Life Insurance | Publicly traded global insurer |
| Prudential plc (UK) | 1848 | United Kingdom | Life Insurance | International financial services |
This list highlights how some insurance companies have weathered centuries of change, wars, and market shifts—demonstrating staying power and adaptability.
Enduring Legacy and Modern Relevance
Several of the world’s oldest insurance companies haven’t just survived, they’ve thrived. These legacy firms continue to influence today’s global insurance markets, balancing tradition with innovation:
Lloyd’s of London
Founded in 1688, Lloyd’s of London began as a coffeehouse where merchants gathered to arrange marine insurance for their ships and cargo. Over time, it transformed into a formal marketplace for underwriting complex risks.
Today, Lloyd’s remains the global leader in specialty insurance and reinsurance, offering coverage for everything from cyberattacks to sporting events through its unique syndicate model.
Legal Legacy of Lloyd’s of London
In 1764, a legal dispute over a Lloyd’s-insured vessel, the Mills Frigate, marked a turning point in maritime insurance law. The ship had departed in a structurally compromised condition and was later condemned after taking on water.
Courts ultimately ruled that insurance coverage would not apply to ships deemed unseaworthy at the time of departure, even if the defects were unknown to both parties. This decision helped formalize the legal expectation of seaworthiness and remains a foundational precedent in the interpretation of marine insurance policies.
Aetna
Established in 1853 in Hartford, Connecticut, Aetna originally focused on life insurance. In the decades that followed, it expanded into accident and health coverage, becoming one of the most prominent health insurers in the country. Aetna’s integration into CVS Health in 2018 marked its evolution into a vertically integrated healthcare giant, merging insurance with retail pharmacy and clinical services.
Aetna and the Evolution of Health Insurance Law
Throughout the 20th and early 21st centuries, Aetna has been involved in pivotal legal and regulatory developments. The company was at the center of multiple lawsuits involving denial of benefits, coverage limitations, and policyholder rights under group health plans.
A defining example is Aetna’s role in the landmark Supreme Court case Aetna Health Inc. v. Davila (2004), which clarified how ERISA preempts state-law claims related to benefit denials. This decision helped shape how courts interpret insurer obligations, fiduciary responsibilities, and the exclusive remedies available to employees under federally regulated health plans.
New York Life
Founded in 1845, New York Life is one of the oldest and most financially stable mutual life insurance companies in the United States. From its earliest days, the company focused on providing long-term life insurance policies to individuals and families, weathering challenges like the Civil War and the 1918 flu pandemic. Its conservative investment strategy and commitment to policyholder dividends have helped it maintain a strong reputation across generations.
Excellence in the Mutual Insurance Model
New York Life has come to exemplify the strength and sustainability of the mutual insurance model. Its long-standing commitment to policyholder dividends and conservative financial stewardship has earned it a reputation for reliability. In 2024, the company announced a record-breaking dividend payout of $2.5 billion, underscoring its financial strength and consistent delivery of value to policyholders.
Longevity Doesn’t Guarantee Fairness
While historic insurers may offer confidence through longevity, that doesn’t always translate to fairness in claims handling. Policyholders can still face unjust delays, denials, or bad faith tactics, even from century-old companies.
That’s where experienced legal counsel can make the difference. At Daly & Black, P.C., we hold insurance companies accountable, whether they’re newly formed or have been around since the 1700s. We fight to make sure policyholders get what they’re owed, no matter how powerful the insurer.
If you believe your insurance company is acting unfairly, contact Daly & Black for a free consultation. We go ALL IN for our clients.
FAQ
What is the oldest insurance company in the world that’s still in business?
Lloyd’s of London, established in 1688, is widely recognized as the oldest insurance institution still operating. It began as a coffeehouse where shipping merchants shared marine risks and evolved into a global insurance market.
What is the oldest insurance company in the United States?
The Philadelphia Contributionship, founded in 1752 by Benjamin Franklin, is the oldest insurance company in America still in operation.
Are any of the oldest insurance companies still major players in the industry?
Yes. Companies like Lloyd’s of London, The Hartford, Aetna, and AXA remain industry leaders with global reach and diversified insurance offerings.