Black History Month: Insurance Industry Highlights

As we honor Black History Month this February, we want to dive deeper to learn about some notable highlights in the insurance industry. The first Black insurance company was established in 1810 in Philadelphia. The insurance industry has stood as a vital aspect of the development of communities for years in history. In the 1800s, African American insurance companies grew as insurance became difficult to obtain for many in the Black community. Traditional companies were rapidly increasing premiums and lacked a plethora of available policies for many, which led to a rise of African-American-led insurance companies. These remarkable individuals and historical businesses have greatly influenced the landscape of insurance as we know it today. We invite you to join us in honoring their legacy and accomplishments.

Here are some companies to recognize this month!

North Carolina Mutual Life Insurance Company- founded in Durham, North Carolina in 1898

Atlanta Life Insurance Company- founded in Atlanta, Georgia in 1905

Golden State Mutual Life Insurance Company- founded in Los Angeles, California in 1925

Some honorary names to mention are Aaron McDuffie Moore, John Merrick, and C.C. Spaulding. They played a major role in forming the pillars of insurance that we still know today- real estate, philanthropy, property, life, education, and more. They were dedicated to the philosophy phrase “neighbors helping neighbors”, which led them to make amazing contributions to the industry.

In 1997, the National African American Insurance Association was founded by Jerald L. Tillman in Cincinnati Ohio. The mission of the association is to focus on the empowerment of African Americans in the insurance industry and attracting more talent to the industry while doing so. The Association currently has 17 chapters and is continuing to grow.

As we celebrate Black History Month, take a moment to research more about the Black community in the insurance industry and what that looks like today. History is a great place to discover the evolution of business and to appreciate all that has come to be today!

We hope you learned something new and found this information helpful. Here’s to celebrating Black History Month!

Learn More:

https://guides.loc.gov/african-americans-in-business/introduction?loclr=blogadm

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