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This Week in #BusinessHistory: The African Insurance Company, the first African American-owned insurance firm in the U.S., was founded on Feb. 1, 1810, offering a degree of security to the growing Black population in Philadelphia. The company’s founding was a progression from beneficial societies such as the Free African Society, which was founded in Philadelphia in 1787 and, according to blackpast.org, “charged members monthly dues in order to create a pool of money from which to draw if women were widowed, a member fell sick, or to provide a Christian burial for a member who died.” The African Insurance Company is mentioned in a report by W.E.B. Du Bois from 1907, which includes this excerpt: “Some [Blacks who took out insurance with White companies] being more inquisitive than others found that the amounts paid on accounts of colored persons were smaller than the amounts paid to whites for the same premiums. Deciding at once that this was unjust, the more enterprising members of the race began to devise ways and means to break down this discrimination by the establishing of colored insurance companies and by attaching an insurance feature to societies already organized.” https://lnkd.in/dmVKa4U

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Advocate for Small Business | Rockstar of Web Design | Writer for Creatives | Eater of Doughnuts (I like the sour cream ones)

3y

Awesome

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