Hartford, Connecticut is known for the plentitude of insurance companies that are either headquartered or have major campuses in the region. Today the Hartford region has almost nine times the percentage of workers in the insurance industry compared to the average location in the United States and became the Insurance Capital of the World.
How Did Hartford, CT Become the Insurance Capital of the World?
It’s location on the Connecticut River and proximity to the Atlantic Ocean meant merchants of many types came through the area to participate in the thriving transatlantic trade industry. Merchants were increasingly worried about the risks associated with trade in the region, with fire at their warehouses being the top concern. In 1810, they formed the Hartford Fire Insurance Company and agreed to set up the firm with working capital contributions of $15,000. Other insurance companies soon followed, many of which are still known today: Aetna, Travelers, Connecticut Mutual Life, etc.
In the 19th century, insurance policies were taken out with the city’s insurance companies by organizations and individuals across the country. Even Abraham Lincoln insured his home in Illinois through the Hartford Fire Insurance Company!
When fire raged through New York’s financial district in 1835, Hartford Fire Insurance Company’s president, Eliphalet Terry traveled to the city and assured policyholders that their claims would be paid. He even used his personal wealth to do so! Other catastrophic events like the Chicago fire of 1871 and the 1906 San Francisco earthquake and fire cemented the city’s reputation as insurance capital.
Are They Still the Insurance Capital?
Connecticut is still home to more than 100 insurance companies. Globalization and cost consciousness have caused some companies to relocate out of Hartford or diversify their locations. With the advent of the internet, it is less essential to be located in the insurance capital of the world. Other cities have very strong presences of insurance companies, both in the United States and abroad, threatening the title. However, the optics of being located in Hartford still hold true, giving the impression of being part of an elite group of very highly regarded companies.
Get to Know ISI
ISI Language Solutions works to be the best and most reliable language services provider, or LSP, available to the insurance industry. As we work extensively with insurance translation, we have wide-ranging skillsets among our linguists that allow us to offer the best services and to accurately understand the needs of those who require translation or interpretation in the insurance industry. Whether you are located in Hartford proper or anywhere in the world, you can trust ISI Language Solutions with your custom projects and needs in many different languages. Contact us today to get to know all the ways that ISI can be of use to you.