A Brief History of Property & Casualty Insurance
In the 1600s, Merchants needed to protect themselves from ship and cargo catastrophe. So, a group met at a coffee house in London to pool money to cover costs when one of them lost a ship.
Reciprocal Exchanges
By the 1880s, American merchants took things a step further, imposing certain building safety and goods securing standards, which drove participants to do their part to reduce risk. These concepts — shared risk and high standards — are the foundations for what is known today as a “reciprocal exchange”.
While merchants have given way to motorists, the principle of a reciprocal exchange abides. The Noblr team manages the reciprocal exchange on the membership’s behalf, determining appropriate premium rates, and collecting them so members can get reimbursed when in need.