1293
1293King Dinis, by royal letter dated 10th May 1293, approves a Merchants Exchange (mutualism) to support losses resulting from the use of ships in maritime trade
This first form of insurance in Portugal of 10th May 1293, determined that “…all Portuguese ships or not – carrying in Portuguese ports, bound for Flanders, England, Normandy, Brittany, and La Rochelle – would pay, to a common Exchange, 10 sterling wages if they had less than 100 tons and 20 wages if they had 100 or more. Destined for North Africa (beyond the sea), Seville or other parts, but ending up contributing to the above-mentioned regions would pay the same.
From the common fund resulting from the successive payments, 100 silver marks (i.e. 23 kg) or the cash equivalent of another species would be kept in Flanders, with the remaining part in Portugal being distributed to the places that the merchants understood.
This fund was intended to finance Portuguese trade ventures in Flanders, or the other regions mentioned, also “those things that they (the merchants) see to harnessing and honouring for the land.”
Anyone who opposed the agreement would pay a fine of 10 pounds sterling to the merchants’ commune. It was not, therefore, a question of maritime insurance as such, but only an Exchange set up in the “commune” of merchants-shippers as a kind of institution or bank to finance new ventures.
Sources
“A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano Saraiva
”Para a História dos Seguros em Portugal, notas e documentos” by A. H. de Oliveira MarquesDocument caption
“Carta de confirmação dada por D. Dinis aos mercadores”, Gaveta 3, maço nº 5, doc 5
PT/TT/GAV3/5/5
Image provided by ANTT1293
King Dinis, by royal letter dated 10th May 1293, approves an insurance Exchange (mutualism) to support losses resulting from the use of ships in maritime trade1297
1297“Lay Confraternity of the Village of Beja”
The historian Henrique Gama Barros in “History of Public Administration in the 12th to 15th Centuries”, reported that “…it was on 8th July 1297, in Beja, that the first Mutualist Association was founded, by initiative of merchants and other good men of this city, through the creation of a confraternity of charity, mutual help and piety.”
It is one of the oldest organized forms of mutualism in Portugal, the “Confraternity of Good Men of Beja” was granted by King Dom Dinis, its protector being Queen Dona Isabel.
By way of example it was the rule: “If any confrere dies his horse in the service of the kingdom or in the service of the council, he will receive 50 pounds to buy another. If the horse costs less, he will return the difference to the brotherhood.”
Source
“História da Administração Pública nos Séculos XII a XV” by Henrique Gama Barros
“Anuário de Seguros”, 1941Image caption
King Dom Dinis (1261-1325) was king of Portugal and the Algarve. Considered one of the most strategical portuguese monarchs of all times.
Image provided by the National Library of PortugalDocument caption
“Alvará da Confraria Leiga da Vila de Beja”, Chancelaria de D. Diniz
Lº III fls 4v e 5
Image provided by ANTT1375-1380
1375King Dom Fernando I ordered the “Companhia das Naos”
The Fernão Lopes chronicle mentions the existence of legislation identical to those of the King Dom Dinis’ Exchange, referring with “El-Rei ordered the Companhia das Naos”.
Fernandina legislation confirms and extends the tradition of the seaman’s Exchange, with the creation in Lisbon and Oporto of the Companhia das Naos, the first Portuguese institution to take on organised maritime insurance practices.
Source
“A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano SaraivaDocument caption
“D. Fernando e a Companhia das Naos”, Crónicas antigas portuguesas nº 30 (Dom Pedro e Dom Fernando), por Fernão Lopes, Costa Basto 356
PT/TT/CRN/30
Image provided by ANTT1397
1397“The Council of boons men” of Oporto
“The Council of boons men” of Oporto asks King Dom João I for help to restore make up the sums due to the Stock Exchange of Merchants.
“The municipality of Oporto had represented to King Dom João I who, in the past, had a grant in the city for the payment of expenses with the ship’s truss and accidents that occurred”. After that monarch’s ascension to the throne, the respective percentage was no longer charged. However, the municipality had been reintroduced a short time ago, meeting some resistance from merchants outside the city. They had come to ask the king to confirm the municipal position. King Dom João I ordered that the town council be convened and decided by majority.
It has been done. The majority confirmed the decision of the councilmen and soon elected a committee of four members, being two ship charterers, a treasurer, and a scribe, to reorganize the merchants’ exchange. Ten pounds would be charged for each freight ton loaded at the Oporto city and twenty pounds for each shipment of fabrics arriving in the city.
The history of maritime stock exchanges then entered a period of great obscurity. It is to be believed that the one in Oporto continued to function.
Source
“Os Seguros em Portugal, da Fundação à Modernidade”, Exposição Documental da Actividade Seguradora dos Séculos XIII a XIX, Galeria do Instituto de Seguros de Portugal (set. 2010)-pág. 16
https://www.asf.com.pt/isp/catalogo_digital/files/catalogo_exposicao.pdfDocument caption
“O concelho de homens boons”, livros de vereação (1401-1411/Era de 1439/49) A-PUB/3
Image provided by Arquivo Geral da C. M. do Porto1402
1402Sentence of the municipality of Oporto deciding to maintain the ships’ Exchange
“At the sitting of 24th January 1402, as we have already stated elsewhere (v. Oporto in shipping and expansion, Oporto, 1972), it was a question of whether or not a certain money market should be established, to be paid by the merchants and shipowners, with a view to the settlement of the sum of gold owed to Diogo Afonso, which was the cost, as he said, of the charter of privileges he had obtained from the King of England, for which the townspeople would not pay other duties of their merchandise more than the other old rights which they would pay in the so-called kingdoms of England”.
Source
“Tempos e Caminhos” by António Cruz, Faculdade Letras do Porto (1973)-pág. 115
https://ler.letras.up.pt/uploads/ficheiros/13600.pdfImage caption
“Oporto seen from Gaia, English engraving of 1817”
Picture extracted from “A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano SaraivaCoin image caption
Justo of Lisbon by King Dom João II – The Perfect Prince
Image extracted from “Colecção Lusitania” by José António Arez Romão (2000) – page 931402
Sentence of the municipality of Oporto deciding to maintain the ships' Exchange1444
1444Royal letter mentioning the existence of a Stock Exchange at the municipality of Setúbal
In the history of maritime stock exchange, it’s important to mention that foreign trade at a distance, at that time, was increasingly passing into the hands of foreigners, duly organised in their respective countries. There is news of a fellowship instituted by the municipality of Setúbal, to which fishermen were free to contribute, by the privilege of King Dom João I, confirmed by his successors.
Source
“A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano Saraiva
“A História do Porto de Setúbal”, Cronologia, pág. 327
https://issuu.com/portofsetubal/docs/livro_a_historia_do_porto_de_setubalImage caption
Old engraving representative of Setúbal peninsula – CHAPAS Club collection1444
Royal letter mentioning the existence of a Stock Exchange at the municipality of Setúbal1459
1459Royal decree obliging foreigners to contribute to the Bruges Portuguese Stock Exchange
King Dom Afonso V, by decree of 23rd February 1459, determined that all foreigners who carried their ships in our country should pay to the Stock Exchange in Bruges what was established. The non-compliance implied sanctions to the portuguese notaries as well as to the masters and owners of the vessels.
Source
“Os Seguros em Portugal, da Fundação à Modernidade”, Exposição Documental da Actividade Seguradora dos Séculos XIII a XIX, Galeria do Instituto de Seguros de Portugal (set. 2010)-pág. 18
https://www.asf.com.pt/isp/catalogo_digital/files/catalogo_exposicao.pdfImage caption
Caravel. Portuguese ship (XV century)
Image extracted from Lusotopia, “Uma viagem pelo mundo em português” by Carlos Fontes
http://www.filorbis.pt/lusotopia/indexOPBelgica.html1459
Royal decree obliging foreigners to contribute to the Bruges Portuguese Stock Exchange1483
1483Confirmation, by King Dom João II, of the commitment or statutes of the Brotherhood of the Flemings, which King Dom Afonso V had officially approved in 1472
“In 1483, King Dom João II confirms the commitment that King Dom Afonso V, by royal letter of 11th July 1472, had officially approved, regarding the confirmation of the clauses of the commitment or statutes of the Brotherhood of the Flemings, which established an own Exchange in the city of Lisbon.”
Source
“Os Seguros em Portugal, da Fundação à Modernidade”, Exposição Documental da Actividade Seguradora dos Séculos XIII a XIX, Galeria do Instituto de Seguros de Portugal (set. 2010)-pág. 20
https://www.asf.com.pt/isp/catalogo_digital/files/catalogo_exposicao.pdfImage caption
Image extracted from Cadernos do Arquivo Municipal de Lisboa-Câmara Municipal de Lisboa
Vol.ser2 no.3 Lisboa jun. 2015
“Sinel de Cordes: from businessmen to secretaries of the Royal Chamber” by Jorge Miguel Lobo Janeiro
“…the Sinel de Cordes are descendants of Flemish knights who came to Portugal…”
http://www.scielo.mec.pt/scielo.php?script=sci_arttext&pid=S2183-317620150001000051483
Confirmation, by King Dom João II, of the commitment or statutes of the Brotherhood of the Flemings, which King Dom Afonso V had officially approved in 14721520
1520Arzila Insurance Exchange
In 1520, or perhaps the year before, a collective fund was established in Arzila to repair the damage caused by the war, and more precisely to pay for the horses that the portuguese lost during the military missions they constantly undertook against the moors.
The initiative seems to have come from the governor of that war square, Count João Coutinho (2nd Count of Redondo). The fund was made up of 20,000 reals from the royal farm (an amount that was in the tales, i.e. that constituted a permanent charge of the State), and annual contributions of one penny (100 reals) per resident and 10 crusaders (4,000 reals) paid by him, governor of the square.
We are aware of this institution by Bernardo Rodrigues who, in his “Anais de Arzila” tells us that “…the first time the Exchange worked was to pay for the horse that the moors took to a soldier named João Martins when he, in the company of other Portuguese, swam in the waters of the Doce river, in the vicinity of the city.”
But the Exchange did not go far. Entrusted with it, the hunting-loving soldiers subjected their horses to unnecessary effort, which was much censored by those who were not addicted to hunting and felt
Source
“A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano SaraivaImage caption in detail
Photo: Círculo Leitores archive, extracted from the book “História da Arte Portuguesa” – Volume I
Detail of Pastrana’s Tapestry “The Disembarkation”. Cut at the bottom, it identifies King Dom Afonso V and Prince Dom João on their way to the walls of Arzila. The two figures are duly identified and highlighted, either in the richness of the armatures or in the crown that girded the king’s helmet.
“História da Arte Portuguesa” – Volume I, Direcção de Paulo Pereira, Círculo de Leitores (1995)1529
1529Creation of the task of Scribe Insurance and appointment of Brás Eanes
In Portugal, the first known document on the concrete existence of insurance is the charter of 15th October 1529, which creates in the country the position of insurance scribe. This position was held by Brás Eanes, master of Fernão D’Álvares, treasurer of the king and scribe of the public treasury.
The function could only be performed by those who could read and write, which was rare at the time. The scribe had a monopoly on the records of all insurance contracts and their policies.
It was also responsible for recording all doubts and differences (disputes) and taking any other necessary measures, that was the first insurance supervisory authority and the first institution with an arbitration function.
Source
“Os Seguros em Portugal, da Fundação à Modernidade”, Exposição Documental da Actividade Seguradora dos Séculos XIII a XIX, Galeria do Instituto de Seguros de Portugal (set. 2010)-pág. 24
https://www.asf.com.pt/isp/catalogo_digital/files/catalogo_exposicao.pdfDocument caption
“Chancelaria D. João III”, Livro 48, fólio nº 98
PT-TT-CHR-L-1-48
Image provided by ANTT1552
1552“Tractatus de Assecurationibus et Sponsionibus Mercatorum” by Pedro de Santarém
Portugal can be proud of having had a jurisconsult and doctor in canon law, named Pedro de Santarém or de Santerna who has contributed to the Insurance History and is still a reference worldwide. His important and pioneering work in the field of maritime law is the famous “Tractatus de Assecurationibus et Sponsionibus”.
Pedro de Santarém is attributed Portuguese nationality. He was of hebrew race, a new-christian, and lived only a few years in Portugal, possibly because of the expulsion of jews ordered by King Dom Manuel I. It is known that many of them settled in Italy, particularly in the region of Genoa.
The success of the treaty was due to its pioneering character, since jurists at that time needed consistent knowledge, not having jurisprudence or doctrine to discuss and decide the lawsuits, which were certainly numerous.
The publication is based on the best sources of the time, with a clear and well systematized exposition through its 5 chapters: The illegality of the Insurance contract; The legitimacy of the contracts; The concept of good faith; The characterization of the risk; The concept of malice or fraud.
Pedro de Santarém’s book is a practical work aimed at merchants and traders who were then, simultaneously, insurers.
Domenico Maffei (1982) refers to the existence of a manuscript of Peter Santerna’s treatise, with a dedication to Vincenzo de Nobili (maternal nephew of Pope Julius II, who appointed him governor of the city of Ancona – Italy). This work, dated 1488, is in the custody of the Vatican Apostolic Library (In “Humanismo, Diáspora e Ciência-Séculos XVI e XVII”).
The Vatican Library at https://digi.vatlib.it/view/MSS_Vat.lat.5922 shows in the fifth image (2r) the “index” of works where in the penultimate paragraph it identifies Tractatus de Assecurationibus et Sponsionibus, by Petrus Santerna, whose manuscript is shown at the end of the volume.
The 1st edition of this work occurred in 1552, in Venice. After this publication, the treatise was reprinted several times, in Venice, Antwerp, Lugduni, Rome and Cologne, and 15 reissues are known, even in the 16th century, which shows the importance of the work.
The success of the treaty of Pedro de Santarém is explained by the pioneering character of the work and because, at a time when the practice of insurance was becoming widespread, there was no jurisprudence or doctrine that could serve as a basis for the discussion and decision of claims.
In Portugal, save for a few references from some intellectuals, the author and the work were only truly rescued from oblivion in the 20th century, thanks to the efforts of the illustrious academic Moses Bensabat Amzalak who, in 1914, published a pamphlet with bibliographical notes on Pedro Santerna.
In 1958, Amzalak promoted the publication of the 1st edition of the treaty in Portuguese, with translation from latin by Prof. Manuel Pinto de Meneses, in a separate volume of the annals of ISCEF-Instituto Superior Ciências Económicas e Financeiras and with the title “O Tratado de Seguros de Pedro de Santarém”, probably the first in Portugal to give rigorous bibliographical news about the first edition of 1552.
The 2nd edition was published in 1961 by the Guild of Insurers on the Annual Conference of the International Maritime Insurance Union in Lisbon. In 1971, also on the initiative of the Guild of Insurers, the 3rd edition was published, with versions in Portuguese, French and English.
In 1988, Mundial-Confiança published an edition commemorating the 75th anniversary of the insurer, with versions in Portuguese and French and a preface by Prof. José Hermano Saraiva.
In 2007 an edition was published by the ISP-Instituto de Seguros de Portugal, on the 1st centenary of Insurance Supervision.
The APS-Associação Portuguesa de Seguradores, in 2018, publishes an edition of “Tratado de Seguros de Pedro de Santarém”.
Image caption
“Tractatus de Assecurationibus et Sponsionibus Mercatorum” by Petro Santerna Lusitano, Venetiis, 1552.1552
"Tractatus de Assecurationibus et Sponsionibus Mercatorum" by Pedro de Santarém1573
1573First insurance document made in Lisbon, about the loss of a venetian ship (Lisbon – Livorno)
The first document mentioning an insurance made in Lisbon is dated 6th March 1573.
It’s a power of attorney of two businessmen (one from Cadiz and the other from Lisbon) to deal with matters related to the shipwreck of the venetian ship Santa Maria do Socorro, which had been lost five leagues from the city of Cadiz when it was going to Livorno.
This document gives the names of fourteen “insurers” that existed in Lisbon, as well as the House of Insurance located in Rua Nova dos Ferros, also in this town.
Source
“Os Seguros em Portugal, da Fundação à Modernidade”, Exposição Documental da Actividade Seguradora dos Séculos XIII a XIX, Galeria do Instituto de Seguros de Portugal (set. 2010)-pág. 28
https://www.asf.com.pt/isp/catalogo_digital/files/catalogo_exposicao.pdfDocument caption
“Primeiro documento de um seguro feito em Lisboa sobre a perda de uma nau veneziana – Lisboa/Portugal para Livorno/Itália”, Livro de notas do 15º Cartório Notarial de Lisboa, liv. 12 PT/ADLSB/NOT/CNLSB15A/001-1/12
Image provided by ANTT1573
First insurance document made in Lisbon, about the loss of a venetian ship (Lisbon - Livorno)1573
1573The House of Insurance
This date refers us to the oldest reference of the House of Insurance.
It cannot safely be stated that there was a formal act of its constitution, or that the House of Insurance was a notary office where the scribe, instituted in 1529, performed his duties.
The merchants would prefer to celebrate their insurance without the intervention of the coordinating entity, and the central government has never been interested in imposing the authority attributed to the Insurance House of Lisbon.
It operated on Rua Nova dos Ferros, but was destroyed during the 1755 earthquake, as well as its documentary archives.
Source
“A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano SaraivaImage caption
Rua Nova dos Mercadores, in Lisboa. Anonymous author, c. 1570-1590. London, Kelmscott Manor Collection – Society of Antiquaries of London
Also known as Rua Nova dos Ferros because of the longitudinal railing, as seen on the first picture.
Picture extracted from “Mediavalista online”/ Artigos/ 20-2016 by Luísa Trindade
https://journals.openedition.org/medievalista/11801578
1578Creation of the office of Insurance Broker and appointment of Gaspar de Faria
King Dom Sebastião signs a letter creating the office of Insurance Broker, granting the position to Gaspar de Faria. The superior functionalism of the Insurance House passed, thus, to be constituted with an Insurance Broker and an Insurance Scribe. Like the Registrar, the position of Broker depended on a regia nomination and became lifetime.
Source
“Os Seguros em Portugal, da Fundação à Modernidade”, Exposição Documental da Actividade Seguradora dos Séculos XIII a XIX, Galeria do Instituto de Seguros de Portugal (set. 2010)-pág. 30
https://www.asf.com.pt/isp/catalogo_digital/files/catalogo_exposicao.pdfDocument caption
“Criação de Corretor dos Seguros Gaspar de Faria”, Chancelaria D. Sebastião
Doações, Livro 45, fólio nº 191
PT/TT/CHR/M/1/45
Image provided by ANTT1578
Creation of the office of Insurance Broker and appointment of Gaspar de Faria1578-1580
1578The death of King Dom Sebastião and the philippine domination
The death of King Dom Sebastião at the battle of Alcácer-Quibir, in North Africa, caused a crisis of succession in Portugal.
In 1581, King Filipe II of Spain was acclaimed in the Cortes of Tomar as King Filipe I of Portugal.
Image caption
Alcácer-Quibir Battle (1578), Ponta da Bandeira Fort Museum, Lagos, Portugal. Representation published by Miguel Leitão de Andrade in “Miscelânea” (1629)
Image extracted from “Wikipédia – Batalha de Alcácer-Quibir”
https://pt.wikipedia.org/wiki/Batalha_de_Alc%C3%A1cer-Quibir1592
1592Establishment of the Consulate Court, supervising the insurance and rights recoveries in its execution
The Lisbon Consulate Court, a legal institution of a merchant type, appeared in 1592 as part of the framework of the judicial institutions, particularly the portuguese, during the philippine period.
It was in effect for about a decade, ending in 1602. King Dom Filipe II wanted to standardise the jurisdiction of merchants in the ports of the European and South American continents.
The headquarters of the Consulate in Lisbon was located between Casa da Misericórdia and Porta do Corpo Santo.
Source
Lusíada University. Law. Oporto Nº. 7 e 8 (2013)/ Summary “Reis e mercadores: o consolado de Lisboa (1592-1602)” by Pedro Ortego Gil, article by José Domingues, PhD in Law, Professor at Universidade Lusíada do Porto
http://revistas.lis.ulusiada.pt/index.php/ldp/article/view/2103Image caption
Ortelius World Map “Typvs Orbis Terrarvm”, 1570
The “Teatro do Globo Terrestre” by Abraão Ortélio, published in 1570 in Antwerp, considered the first modern atlas, the result of intense maritime exploration
Engraving extracted from “Wikipédia – Era dos Descobrimentos”
https://pt.wikipedia.org/wiki/Era_dos_Descobrimentos1592
Establishment of the Consulate Court, supervising the insurance and rights recoveries in its execution1640
1640The Recovery of Portugal
The Recovery of Independence was a historical process that made it possible to restore portuguese autonomy after sixty years of Iberian Union (1580-1640).
1st December is a national holiday in Portugal.
Image caption
“COROAÇÃO DE D. JOÃO IV” (1908). Painting of Veloso Salgado (1864-1945). Oil on canvas (325 x 285 cm). Militar Museum (Restoration Room), Lisbon
Image extracted from “Wikipédia – Restauração da Independência”
https://pt.wikipedia.org/wiki/Restaura%C3%A7%C3%A3o_da_Independ%C3%AAncia1755
1755Destruction of the Insurance’s House in the Lisbon Earthquake
On the 1st November 1755, “Todos os Santos” day, around 9:30 a.m., Lisbon was devastated by a great earthquake.
Part of Lisbon’s population was in the churches when the earth shook violently, followed by a violent tsunami and a fire that left the center of Lisbon practically destroyed. At all, more than 10,000 buildings were destroyed and between 70 and 90,000 people died in a city that had 275,000 inhabitants at the time.
The devastation of this earthquake was felt throughout the country and in Spain (notably Seville and Carmona) seriously damaging many buildings.
The Insurance’s House, which operated on Rua Nova dos Ferros, was destroyed during the 1755 earthquake, as well as its documentary archive.
Image caption
“Lisbon ruins. After the earthquake, the survivors lived in tents on the outskirts of the city, as this German engraving from 1755 illustrates”
Image extracted from “Wikipédia – Sismo de Lisboa de 1755”
https://pt.wikipedia.org/wiki/Sismo_de_Lisboa_de_17551757
1757King Dom José I limit to 5% per year the interest rates of the “maritime exchange or give money to risk”
King Dom José I, protecting the possible uses and abuses practiced “…by some businessmen, of giving and receiving loan money with the interest of one percent each month“, approved on 17th January 1757, the decree that limited interest rates to 5% per year.
Image caption
Signature of Joseph I of Portugal in a 1750 document
Image extracted from “Wikipédia – D. José I de Portugal (O Reformador)”1757
King Dom José I limit to 5% per year the interest rates of the "maritime exchange or give money to risk"1758
1758José Vienni and the proposal of the new House of Insurance
In 1758 the merchant José Vienni presented to the Board of Commerce a project for the new Insurance House of Lisbon and the liberalisation of the insurance function, which could be exercised by any tradesman, with good reputation and credit, established in this city.
The new Insurance’s House operated in the same way as Lloyd’s, assuming risks by entities registered in it and valuated by a Broker, having subsisted until the Commercial Code of Ferreira Borges of 1833.
Source
“A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano SaraivaImage caption
Lisbon as seen from Tejo river, late 18th century. The Insurance House was in the eastern tower of Terreiro do Paço, which can be seen in the engraving.
From the book “A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano SaraivaDocument caption
“Junta do Comércio”, Livro 105
Image provided by ANTT1770
1770The oldest known portuguese insurance policy
There is unanimity between the authors of works on insurance history, that the oldest policy known in Portugal is dated 13th November 1770, registered with number 11397, whose risk was a shipment of merchandise from Stockholm to Lisbon.
It should be noted that this is the policy model that José Vienni, in 1758, presented to the Board of Trade with the project on the creation of the new House of Insurance. This policy was found in the Arquivo Histórico Ultramarino by Dr. Francisco Bettencourt, and published in the magazine Égide, April 1981.
“We, the undersigned, each for the amount declared in this policy, insure Paulo Jorge, from Stockholm to this city of Lisbon, in the amount of four contos de réis on goods which are now valued at the ultimate amount, worth more or less, and loaded onto the ship called Ostenbol, Captain Johan Siobiris, and this of ordinary damage, to take the risks on goods, or other effects, provided they are embarked to conduct themselves on board the ship, until they are unloaded ashore at the port of their destination; and, being on the hull and equipment of the ship from the time it takes the first anchor until after twenty-four hours it sinks in the port where the voyage ends. And these are the risks we take, from sea, winds, storms, shipwrecks, rocks, approaches, changes of defeat, voyage or ship, alienations, fire, prey, pillage, arrests of princes, declarations of war, reprisals and, finally, all cases deliberated and incited, except those of rebellion of the master, unless it is expressly stated in this policy.
And we oblige ourselves to all these risks on any other vessels on which the effects that are the reason for this insurance can be embarked, until they are unloaded on land, at the place of their destination. And in the event of shipwreck or sweeping we give full power to the said insured or to any other person to assist in the conservation and benefit of the insured effects, to sell them if necessary, and to carry at our risk their net income, and we bind ourselves to be by the accounts, being sworn. And in the event of loss, which God does not permit, from the day which is constant for us to one month, we shall pay this insurance at 98 per cent; and that of the breakages in the form expressed in this policy, subjecting ourselves to all the regulations of this House of Insurance, of which we declare to be fully aware. And we confess to having received the premium of this insurance at six per cent, according to our convention.
Lisbon, thirteenth of November 1770
800$00 Purry Mellish & Devisme, eight hundred thousand réis
1,000$00 Berthon Brothers, one contos de réis
600$00 Branfill Goddard & Cª, six hundred thousand réis
800$00 Lopes & Silva, eight hundred thousand réis
800$00 Illius Fiche & Illiia, eight hundred thousand réis
4.000$00
And I, José Puppo Correia, the insurance scribe, give faith to pass on all the contents of this policy and recognize that they are the insurers themselves who signed it. Lisbon, ut supra, José Puppo Correia.
This certificate I, above José Puppo Correia, of the original policy that is in my possession in this house, wrote and signed it”.
Source
“A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano SaraivaDocument caption
The oldest known portuguese policy, is dated of 13th November 1770
Image extracted from “A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano Saraiva1791
1791Queen Dona Maria I officialized the Regulation of the Insurance’s House of Lisbon, allowing the creation of new insurers
Queen Dona Maria I, through the charter of 11th August 1791, promoted a significant institutional change and the Insurance’s House became official, through the incorporation into the jurisdiction and inspection of the Royal Board of Commerce, of the office property of Broker and Insurance Provider of Lisbon. The positions are now exercised by means of a royal permission, and now they can be dismissed if the Crown determines it.
Through this ordinance, the 24 articles that formed the Regulation of the “new” Insurance’s House were made official, with slight amendments, which had been proposed and approved in 1758, but whose full ordination had not been allowed by the King.
State supervision at the insurance level began definitively with these regulations, which rendered null and void all acts of insurance which were not taken out by a person or company who was not entitled to do so. The validation of the insurance was dependent on what was registered in the books of the Insurance’s House and if doubts appeared in the interpretation of the clauses, there was the arbitration, and the appeal of their sentences to the Board of Trade.
By means of this law, the insurance is already a contract by which the insurer obliged himself to the insured, against a certain premium, to compensate him for a certain loss or damage resulting from an occurrence. The insurance contract became formal, giving rise to the so-called “Insurance Policy”, without which it would be invalid.
Also the interests of the insured started to be taken into account, because all the insurers who did not have partners could not leave the country without giving bail, as well as, in case of death, the successors could not dispose of the possessions without bailing out the insurances made.
This Royal License allowed the creation of private insurance companies, and in the same year the first Portuguese insurance company – Companhia Permanente de Seguros – was founded in Lisbon by three Lisbon merchants, with an initial capital of 60 contos de réis.
Document caption
Extracted from the book “Princípios de Direito Mercantil” by José da Silva Lisboa
Lisbon: Royal Print, 1815Image caption
Detail of a piece of headdress by Queen Dona Maria I (A Piedosa)
“Colecção Lusitania” by José António Arez Romão (2000) – pág. 691791
Queen Dona Maria I officialized the Regulation of the Insurance's House of Lisbon, allowing the creation of new insurers1791-1808
1791Several Insurance Companies are established
1791 – “Companhia Permanente de Seguros em Lisboa”
1792 – “Caldas, Machado, Gildemeester Diz & Cª”, “Pontes, Fortunato, Prego & Cª”, “Carvalho, Guillot & Cª”, ”Companhia de Seguros Esperança”, “Policarpo, Quintela, Caldas, Domingues & Cª”
1794 – “Companhia de Seguros Comércio de Lisboa”
1796 – “Companhia de Seguros Maritímos”, “Companhia de Seguros União”
1797 – “Companhia de Seguros Bom Conceito”, “Companhia de Seguros Tranquilidade Recíproca”
1798 – “Companhia de Seguros Boa União”, “Queirós, Barbosa & Cª”
1802 – “Ferreira, Rossi, Freire, Dias & Cª”
1803 – “Anselmo José da Cruz Sobral (Herdeiros)”
1804 – “Companhia de Seguros Indemnidade”, “Companhia Sossego Comum”, “Companhia de Seguros Bons Amigos”
1805 – “Companhia de Seguros A Indemnizadora”, “Nova Companhia Bom Conceito”
1806 – “Companhia de Seguros Boa Fé”, 1806 – “Salgado, Barros, Pedro, Sousa & Cª”,
1807 – “Bento José Pacheco & Filhos.”, “Caetano José de Sousa”, “Henrique José Batista”, “José Diogo Bastos”, “José Joaquim da Costa & Filhos”, “José Luís Teixeira”, “Luís Gonçalves Teixeira Barros”, “Quaresma & Filho”
1808 – “Companhia de Seguros Bonança”
Source
“Seguradoras Nacionais” by Artur Reis.Documents captions
Brochure that announces the foundation of a maritime and land insurance company under the name of Caldas, Machado, Gildemeester Dlz, e Companhia.
Lisboa: Regia Officina Typografica, 1792
Images provided by ASF LibraryInsurance Policy of the Socego Comum Company
Year: 1806
Images provided by ASF LibraryPrize receipt and policy of the insurance Company “Bom Conceito”, 27th April 1797
Image extracted from “A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano Saraiva1810
1810Recognition of the legitimacy of the “Maritime Exchange”
With the development of maritime trade, maritime exchange or “giving money at risk” was a practice used in Portugal from an early age, with the purpose of securing cargoes and ships.
This could be defined as a literal contract whereby one of the parties took out a loan, giving the ship and/or merchandise as security. In the case of the lost the ship or cargo, the loan provider would lose his right to repayment. If the ship arrived at destination, the borrower would have to repay the same sum with interest.
In 1810, the Permit of 5th May, issued by the then Prince Regent João VI, revoking the Permit of 1757, allowed, for all maritime trade “to give money or other funds at risk” by the interest they understood, without restrictions of amount or duration.
According to the law, this measure was intended “…to promote and advance national trade more and more, giving it the widest and easiest possible extension and removing all the obstacles and impediments”.
Image caption
Atlas of Fernão Vaz Dourado detail, 1571
Menu cards cover of the ship Santa Maria, 29/11/1960
Colonial Navigation Company, Lisbon – Porto National Lithography
CHAPAS Club Collection1820
1820New Regulation of the Insurance’s House of Lisbon
Feeling the need to gather, in a single diploma, the regulatory provisions of the exercise of insurance, on 30th August 1820 was approved a new Regulation of the Insurance’s House, composed of 40 articles.
Over five years this new Regulation was studied and prepared (the need for amendment was taken by Resolution of 6th November 1815), which was signed in Rio de Janeiro. King Dom João VI determined, by this document, that the causes of insurance should be entrusted to the Insurance’s House.
According to this regulation, both individual and collective insurers, national or foreign, were allowed to insure in Portugal, but must enjoy “…good reputation and credit, and have no legal incapacity to contract” (article 2 of the Insurance’s House Regulation).
The President and Members of the Board of Trade and the officers of the House were also excluded from the status of insurers, to avoid promiscuity between scribes and brokers.
Very clearly, the rules of the insurance contract were established, making the “Policy” mandatory as a title of contract, without which all insurance would be null and void.
It imposed obligations on insurers, in particular to ensure the rights of insured persons, without prejudice to the latter’s also determining duties, and it was considered that the insured person was the insurer’s natural procurator, to whom he had to answer for the salvaged.
The Breakdown Regulation (also approved by Resolution of 30th August 1820), is part of these new rules of the Insurance’s House. The text of the breakdowns definitively established the damage covered by the insurance in the maritime branch, namely “ribald” or “uprising of the captain”, “of crews” and “…all other cases not expressed here shall be determined by him, and that the parties shall not beware in the policies.” (Article 23 of the Insurance’s House Rules).
Source
“A Companhia de Seguros Bonança – Notícia Histórica” by José Hermano SaraivaDocument caption
Image extracted from regular “Arquivo Financeiro e Segurador, nº 57, janeiro de 1939, pág. 8”, “A Casa dos Seguros – a sua Fundação, os seus Regulamentos e a sua Extinção” by Albino Lapa1833
1833Portuguese Commercial Code by José Ferreira Borges
In 1833, King Dom Pedro IV approved, by the Decree of 18th September, the Portuguese Commercial Code, written by José Ferreira Borges following the Letter of Law of 18th February 1823, which invited “…any portuguese sage…” to submit a draft commercial code.
Considered the most perfect legal work of the time, it was the result of extensive research and confrontation with commercial codes of other countries (especially Belgian and French), thus bringing Portuguese law, in the commercial field, closer to what was happening abroad. Replacing a dispersed and confused order of legal relationships established in commercial activities, it intended to facilitate the practice of the principle of commercial freedom, determining the rights and obligations of traders.
In this first Commercial Code published in Portugal and which constituted the legal basis for commercial life, a clear distinction was made between land trade (Part One, from Articles 1 to 1286) and maritime trade (Part Two, from Articles 1287 to 1860).
The discipline of the insurance contract appears in Title XIV (in the part concerning maritime commerce), beginning by defining it as “…a contract by which the insurer obliges himself to the insured, against a premium, to compensate him for loss or damage, or the deprivation of an expected profit, which he may suffer for an uncertain event.” Also, in the same Title it was established, in a broader way, the objects susceptible of insurance: risks of sea, of transport by land or water, of fire, of crops by bad weather of seasons, of captivity, the life span of one or more individuals.
Risk contracts and breakdowns in general are dealt with in Titles XIII and XV, respectively.
Source
King Dom Pedro IV’s Decree, on behalf of the Queen, approving the Portuguese Commercial Code Lisbon, 18th September 1833Image caption
Portrait extracted from “Wikipédia – José Ferreira Borges”
https://pt.wikipedia.org/wiki/Jos%C3%A9_Ferreira_BorgesDocument caption
“Chronica Constitucional de Lisboa”, nº 58, de 1 outubro de 1833
Image provided by ANTT1834
1834The Commercial Court began its activity
After the approval of the Commercial Code, a new regulatory institution for commerce was created – the Commercial Court – whose activity began on 14th January 1834.
With the creation of this Court, which essentially performed an arbitration function, the entire litigious jurisdiction that belonged to the Court of the Board of Commerce, which was responsible for the Insurance’s House of Lisbon, was revoked, the said Board being extinguished by License of 30th June 1834, as it was considered incompatible with the governmental form established in the Constitutional Charter of 1826.
Document caption
Notice, 12 May 1834
“Notice in which the Presiding Judge of the Commercial Court of the 1st instance informed all traders in the City of Lisbon that, in order to perform their acts, active and passive obligations, to be regulated and protected by the Commercial Law, and to be able to enjoy the benefits and prerogatives granted by the same Law, they must register with the Registry of Commerce of the respective Court of 1st Instance.
COURT OF COMMERCE, Book 1833-1834″Document extracted from DRE-Legislação Régia 1833-1834, Colecção Legislação, Edital, 12 de Maio de 1834, págs. 165/6
http://legislacaoregia.parlamento.pt/V/1/15/107/p1881837
1837Regulation of the Kingdom’s Business Centers and the Brokerage Corporation
The Decree of 16th January allowed and enforced the Regulation for Commercial Squares of the Kingdom and the Regulation of the Brokerage’s Corporation.
In the Regulation of Trade Places, regarding insurance, we can read in article 11 that “…the annual payment of 36,000 réis, which will be paid in Lisbon Square by any insurance company, that wants to occupy a reserved place inside the house called Insurance, and of 20,000 réis that will be paid by those who want to occupy any of the dressing rooms in Square, or Brokers, or Notary who occupies them…”.
In article 13 and following we can also read that the Insurance’s House continues occupied by insurance companies and that they had a reserved place in the Square, and for this they had to inscribe their names in front of their seats.
The Regulations of the Brokerage Corporations, in turn, fixed the number of brokers according to their speciality (12 for Lisbon and other squares was according to population and traffic) and also allowed the formation of a Brokers’ Chamber, composed of 5 members, annually elected by general assembly, who would be responsible for monitoring all brokers and the weekly quotation of current prices of merchandise, own funds, exchanges, charters and insurance.
According to this law, insurance companies were obliged to send to the Chamber a bulletin of the prices of insurance premiums made during the week. Insurance is now subordinated to the Stock Exchange Brokers Chamber.
The Insurance’s House no longer performs the role that was entrusted to it, but merely the place occupied by insurance companies.
Source
Business of the Kingdom Ministry decree approving the Regulation of Commercial Squares and Brokerage Corporations, 16th January 1837Document caption
“Diário do Governo”, nº 16, de 19 de janeiro de 1837, p. 91-92
Image provided by ANTT1837
Regulation of the Kingdom's Business Centers and the Brokerage Corporation1852
1852Creation of the “Ministry of Public Works, Trade and Industry”
This decree dated 30th August 1852, signed by Queen Dona Maria II created and established the initial organization of the Ministry of Public Works, Trade, and Industry, being António Maria Fontes Pereira de Melo, the first to hold the post of minister. All services related to public works and economic promotion have been concentrated in this new Ministry, until then under the responsibility of the different offices of the Ministry of the Kingdom.
The founding decree assigned him the following services: General Secretariat and Private Office of the Minister; Directorate of Public Works and Mines; Directorate of Trade, Agriculture and Manufacturing and the Department of Accounting. The Directorate of Trade and Industry, in turn, consisted of four offices: Central, Agriculture, Commerce and Manufacturing.
The Trade Office was composed of 3 sections, the first of which was aimed at: preparation of laws, decrees, regulations on internal and external trade, companies and public limited companies, banks, savings banks and associations, insurance, trade police for fairs and markets and other public places.
In this way, insurances became part of the new Ministry, but subject to regulation by the Portuguese Commercial Code.
Source
Business of the Kingdom Ministry decree creating a new Ministry called Public Works, Trade and Industry, a General Council of Public Works and setting its organization, 30th August 1852Document caption
“Diário do Governo”, nº 206, de 1 de setembro de 1852
Image provided by ANTT1867
1867Viscount of Seabra’s Civil Code
King Dom Luís I approved the Civil Code by “Letter of Law” of 1st July 1867.
The insurance contract has not been forgotten in this new Code, and Chapter VII has introduced the definition of a random contract as “…that, by which one person commits himself or herself to another, or both commit themselves to one another, to render or do a certain thing, given a certain uncertain future act or event”.
According to Article 1538, a random contract is said to be a risk or insurance contract when the benefit is compulsory and certain for one of the parties, the other party being obliged to provide or do something in return, if an uncertain event arises.
In matters of insurance, there are some divergences between the requirements established in the Commercial Code of 1833 and the new Civil Code, because Ferreira Borges considered all insurance contracts to be commercial, whereas the Civil Code establishes a distinction between commercial and non-commercial insurance contracts, the latter being regulated by the general rules of contracts established by the referred Code.
Image caption
Viscount of Seabra
Portrait extracted from “Wikipédia – António Luís de Seabra”
https://pt.wikipedia.org/wiki/Ant%C3%B3nio_Lu%C3%ADs_de_Seabra1888
1888Veiga Beirão Commercial Code
In 1888, the new Commercial Code was approved by a Letter of Law dated 28th June, after a long period of discussion in the Chamber sessions.
Since the reform of Ferreira Borges’ Commercial Code has long been considered essential in order to accompany the evolution and development of commercial practices and to try to reconcile the provisions of the Civil Code, which has since been published, with those of the existing Commercial Code, Veiga Beirão was responsible for the organization of this new Code.
He asked a number of personalities to draw up certain parts of the future Code, basing himself beforehand on the fact that the reforms to be introduced would be in line with the most recent foreign trade codes, without forgetting, however, national customs and traditions.
This legal document sought to give a new framework to the insurance activity, dedicating entirely to insurance Title XV, of Book Two “Dos Contratos Especiais de Comércio”.
Chapter I “Disposições Gerais” begins by defining as commercial all insurance with the exception of mutual insurance (thus distinguishing insurance from acts of mutual assistance), and there is no effective definition of an insurance contract, but only establishing its commercial nature and characterizing it as one of the special commercial contracts. Also, in the general provisions, the elements that must be included in the insurance policy are indicated, as well as the cases in which the insurance is void.
In the insurance categories two major groups were distinguished – risk insurance and life insurance.
As concerns insurance against risks, its object is defined and the concept of damage that can be compensated for, it establishes the consequences of the non-concurrence between the insured capital and the value of the thing, lays down certain obligations of the insurer and the insured, lays down the bases for calculating compensation in the event of a claim, determines the consequences of non-payment of the premium and recognises the technical specificity of the various branches, laying down rules for each speciality: fire insurance, crop insurance and insurance of transport by land, canals or rivers.
For life assurance, its object is also defined, the elements to be included in the policy, the intended use of the insured capital is established, and a distinction is made between life assurance and insurance in the event of death.
A specific framework has been established for maritime insurance, dealt with under a separate title – Title II ‘Insurance against the risks of the sea’, inserted in the Third Book ‘Maritime Trade’ – the issues of insurance against the risks of the sea, abandonment and the risk contract.
However, there is still some disorder, as the last article of the section governing ‘things’ insurance refers to the provisions on maritime insurance.
About regard to breakdowns, forced maneuvers, collision, rescue, and assistance, this Code presents provisions common to those adopted by other maritime nations, being free of the gaps and deficiencies that the Code of 1833 presented.
The minimum capital paid up by the incorporation of public limited companies is 10%, to be deposited in the Caixa Geral de Depósitos. For insurance companies and all those whose capital served only as subsidiary collateral for corporate transactions, this deposit could be only 5% of the subscribed capital.
Image caption
“PORTUGAL. Leis, decretos, etc. Código Comercial Português, 1888”
Portuguese Commercial Code: official publication ordered by decree of 23 August 1888 – Lisbon: Imprensa Nacional, 1888 – 159 p.; 22 cm1907
1907Government Decree laying the foundations for the exercise of insurance activity
Decree with the force of law, of 21st October, which established for the first time in Portugal the conditions for access to and exercise of the insurance activity, as well as its supervision, through the creation of an Insurance Council (Martins Carvalho Law).
From a technical point of view, the diploma is exemplary, but for the epoch it constitutes a restrictive innovation to the liberal principles of the economy. A work of rare merit, of the organization of insurance companies, came with its articulation to define the conditions for access and exercise of the insurance activity, establishing the principles of an independent supervision of the corporate organs.
Image caption
Diário do Governo, nº 239, 23 de outubro de 1907
Image extracted from ASF-Autoridade de Supervisão de Seguros e Fundos de Pensões, “Centenário/O Decreto do Governo de 21 de Outubro de 1907”
https://www.asf.com.pt/NR/rdonlyres/726D3DAF-D427-4BA2-A54F-1A7603EBD6A3/0/DiarioGoverno1907.pdf1907
Government Decree laying the foundations for the exercise of insurance activity1910
1910Establishment of the Republic in Portugal
The republican uprising that erupted on 3rd October 1910 overthrew an eight-century monarchy and established the republican regime, proclaimed on 5th October by the Lisbon City Council, two years after the regicide.
Images captions
Cover publication about the event
Image extracted from “Wikipédia – History of the Revolution (1910)”
https://pt.wikipedia.org/wiki/Hist%C3%B3ria_da_Revolu%C3%A7%C3%A3o_(1910)#/media/Ficheiro:Historia_da_Revolu%C3%A7%C3%A3o,_1910,_capa.jpgKing Dom Carlos, 1904 – Oil painting of Carlos Reis, in the Ducal Palace of Vila Viçosa
Image extracted from the cover of Lusitania Companhia de Seguros SA / Relatório e Contas 1992 / Annual Report1913
1913First law on accidents at work in Portugal
In terms of professional liability, occupational injury insurance was introduced in Germany in 1884 by Bismark.
In 1802, some measures of prevention and regulation of working conditions had been legislated in England but linked to the theory of contractual liability.
The theory of compensation for accidents at work, which is an objective responsibility of the employer, is enshrined in Portugal in Law no. 83 of 24th July 1913.
The evolution from the theory of professional risk to the theory of economic risk of authority is materialized by Law no. 1942, promulgated on 27th July 1936, which governs the risks of accidents at work until the validity of Law 2127, of 3rd August 1965, regulated by Decree 360/71 of 9th August.
The National Table of Disabilities due to work accidents, legalized by Decree no. 43189 of 23rd September 1960, replaced the french table of Lucien Mayet, officially applied by the labor courts, by imposition of article 3 of Decree no. 21978, completing the application of the Table with the provisions of Decree-law no. 45497 of 30th December 1963.
The Law 2127 is in force until the entry into force of Law 100/97, of 13th September, which establishes the new legal regime for accidents at work and occupational diseases.
The Law 98/2009, of 4th September, regulates the regime of compensation for accidents at work and occupational diseases, including professional rehabilitation and reintegration, pursuant to article 284 of the Labour Code, approved by Law 7/2009, of 12th February.
Image caption
First policy of Accident at Work “A Mundial, Companhia de Seguros”, Accidentes do Trabalho branch, 24 October 19131914-18
1914Favourable market to the creation of Insurance Companies, authorised to cover the risk of war in the maritime branch
In some periods economically favourable to Portugal, as it was on the eve of World War I, many insurance companies emerged, of which they stand out:
Companhia de Seguros Soberana, Sociedade Mútua dos Construtores Civis do Norte de Portugal, Liga Marítima de Seguros – Sociedade Mútua, Sirius, Mutualidade – Companhia de Seguros, Mutualidade dos Industriais de Metalúrgicas do Porto e Gaia, Mutualidade dos Constructores Civis da Figueira da Foz, Moagem – Sociedade Mútua, Futuro, Pátria – Sociedade Alentejana de Seguros, Lisbonense – Companhia de Seguros, Europa – Companhia de Seguros, Colonial – Companhia de Seguros, Consortium de Acidentes de Trabalho, Consortium Portuguez, Continental, União Resseguradora, Minerva – Companhia Geral de Seguros, Triunfo – Companhia de Seguros, Sagres – Companhia de Seguros, Africana – Companhia de Seguros, Beira – Companhia de Seguros, Lloyd Peninsular, Mindelo – Companhia de Seguros, Oceano – Companhia de Seguros, Previdência Agrária – Instituição de Seguros, Universo Companhia Portuguesa de Seguros, Alentejo – Companhia de Seguros, Glória Portuguesa – Companhia de Seguros, Atlas – Companhia de Seguros, A Adamastor – Companhia de Seguros Luso-Sul-Americana, Algarve – Companhia de Seguros, Aurora – Companhia de Seguros, Aviz – Companhia de Seguros, Banco de Seguros, Coimbra de Seguros – Companhia, Compensadora, Consórcio Geral de Seguros Contra Acidentes e Responsabilidade Civil, Estremadura – Companhia de Seguros, Globo Companhia de Seguros, Iberia – Companhia de Seguros, Integridade Companhia de Seguros, Latina- Companhia de Seguros Luso-Fluminense, Lis – Liga Internacional de Seguros, Lusa – Companhia Portuguesa de Seguros, Marte – Companhia Portuguesa de Resseguros, Meridional, Metrópole – Companhia de Seguros, Companhia de Seguros Mondego, Mutualidade Lusa, Oriental, A Paz, Porto Companhia de Seguros, Portucalense – Companhia de Resseguros, Progresso – Companhia Portuguesa de Resseguros, Redenção, Regionalista – Companhia Nacional de Seguros, Resseguro, Seguradora – Companhia de Seguros e Resseguros, União dos Proprietários, União Companhia de Seguros.
Image caption
Oil painting of Sousa Lopes, existing in the Military Museum in Lisbon
Image extracted from the cover of Lusitania, Companhia de Seguros, S.A. – Relatório e Contas 2003 / Annual Report1914-18
Favourable market to the creation of Insurance Companies, authorised to cover the risk of war in the maritime branch1919
1919Compulsory insurance “against disasters at work” for employees
Created Insurance Institute of Social and Compulsory of Social Security.
Decree no. 5637 of 10th May 1919 is published, which extended the responsibility for risk to various professional activities, establishing for the first time in Portugal the compulsory insurance “against disasters at work”, also creating the work disaster courts.
Image caption
Decree no. 5637, organising compulsory social insurance in disasters at work in all professions
DRE/ Diário do Govêrno nº 98/1919, 8º Suplemento, Série I de 1919-05-10/ Ministry of Labor/ Pages 1034-10391929
1929Creation of Insurance Inspection
Decree no. 17556, of 5th November, created the Insurance Inspection in the Ministry of Finance, an entity that replaced the National Insurance Council in its function of supervising insurance companies, extending the powers of intervention granted to the previous entity to the field of accounting standardization and punishment of transgressions and contraventions of insurance legislation.
It was incumbent on the Insurance Inspection “…to exercise, on behalf of the Ministry of Finance, all acts of an active and rigorous supervision of insurance companies and their operations.” in Supervision of Insurance in Portugal
The Insurance Inspection Regulations were published on 13th December 1932.
Image caption
Decree no. 21977, enacts the Insurance Inspection Regulation
DRE/ Diário do Govêrno nº 291/1932, Série I de 1932-12-13/ Ministry of Finance – Insurance Inspection / Pages 2450-24551932
1932António Oliveira Salazar is nominated President of the Council of Ministers
António de Oliveira Salazar (1889 -1970), a university professor, was called to take over the Finance Department in 1928, two years after the military coup in Portugal.
Although the 1926 revolution was led by the military, it was Salazar – a civilian – who dominated the political system for over four decades.
As President of the Council of Ministers and one year after taking office, he approved a new Constitution, that of the Estado Novo, which gave him dictatorial powers.
He died in 1970 after a period of mental disability, when he was no longer officially the leader of the country.
Image caption
Caricature of Salazar – Almada Negreiros’ vision in 1933
Image extracted from Fotobiografias Século XX/ António Oliveira Salazar/ Direcção de Joaquim Vieira/ Círculo de Leitores (2001)1932
António Oliveira Salazar is nominated President of the Council of Ministers1934
1934Creation of the Insurance Guild
The legal existence of the Insurance Guild is materialized by the Decree-Law 24041, of 20th June1934.
The diploma of incorporation makes it compulsory for all Portuguese and foreign companies that exercised or would exercise the social activity in Portugal to register with the Guild, giving it the structure of a corporate entity, under the terms in which Decree no. 23049 of 23rd September 1933 defined it institutionally as representative of the employers of an economic sector.
The first Board of the Guild, elected by the associated companies, was made up of the insurers Fidelidade (Marcelo Caetano), Ultramarina (Artur Pereira Rodrigues) and British Oak (Alberto de Melo e Sousa).
1934 – The commission for the study of Fire, Automobile and Accidents at Work branches was created.
1935 – The tariffs and policies of the Automobile and Civil Liability branches were created and standardised, and were approved, with minor alterations, at the General Meeting on 28th November.
The first official Fire tariff was approved on 26th September and ratified by Order of 16th December.
1936 – The reform of the Statutes of the Insurers’ Guild is ratified by Decree-Law no. 26484 of 31st March.
It also introduced the Insurance Guild with the creation of the technical committee for Robberies, Strikes and Tumults and Personal Accidents branches.
It is signed by the Insurers’ Guild and the National Unions of Insurance Professionals of the Districts of Lisbon and Oporto – The first Collective Labour Agreement.
Chronologically there was all relevant activity in such matters as the creation of technical commissions, tariffs, among others.
The Insurers’ Guild has produced a relevant periodic publication, which included the report of its activity, legislation, jurisprudence, studies, information on insurers and reinsurers and a series of useful information for policyholders, insurers and all those interested in the subject.
Image caption
The symbol of the Insurance Guild: on the cross of the order of Christ, a stylised eagle with open wings, sole, with its head turned to the left and holding a chain in its claws1934
1934First Insurance Workers’ Union
In 1934, the first trade union was created by charter of the then Undersecretary of Corporations, designating itself as Sindicato Nacional dos Empregados das Companhias de Seguros do Distrito de Lisboa – SNECSDL, whose headquarters was at Rua Augusta 100 – 3rd floor, in Lisbon.
At the time, there were about 500 insurance workers.
Its headquarters in Lisbon were respectively:
1934-1935 – Rua Augusta 100 – 3rd floor
1936-1938 – Rua da Palma 64 – 1st floor
1939 until June 2015 – Viscount of Grace Palace, Largo do Intendente Pina Manique 35
Since July 2015 – Avenida Almirante Reis 133 – 4th and 5th floors
Legend of the article
“Synopsis of a life in the service of the workers/ Union Chronology” by José Luís Pais
Images extracted from Febase magazine no. 9, 11th January 2011
https://www.sbn.pt/Portals/0/RevistaFEBASE/RevistaFEBASE_Janeiro2011.pdf1936
1936First Collective Labor Contract for the Insurance Industry
Professor Marcelo Caetano was draftsman of the first collective labour contract in Portugal.
It has signed for the Insurance Guild its director, president João Duarte, for the National Union of Employees of Insurance Companies of the District of Lisbon-SNECSDL and for the National Union of Insurance Employees of the District of Porto, presidents António Colares Vieira and Eurico Freitas, respectively.
Photo caption
Collective Labour Agreement for the Insurance Industry signed on 16th December 1936
Image extracted from book “Mundial Confiança/ 1913-1988” by Fernando Marques da Costa
Edition designed by Ogilvy & Mather, Portugal (1989)1939
1939Provident Union Fund for Insurance Professionals
It results from the first Collective Labor Contract for the insurance industry signed between the Insurers Guild and the Lisbon and Oporto Unions.
The permit to establish the Fund was dated 29th April 1939, although the first discounts began on 1st January 1937, in accordance with what had been stipulated in the employment agreement, which had fixed the rates and regulated the granting of a family benefits, the precursor of the family allowance, which was only later established for all workers.
Photo caption
Detail of the glass with the symbol of the Insurance Professionals’ Union Welfare Fund, engraved in bas-relief and painted
Viscount of Grace Palace, Largo do Intendente – CHAPAS Club Collection photo1945
1945The Insurance Industry in the Colonies
Decree No. 34562, of 1st May, regulates the insurance industry of the “ultramar” with provisions appropriate to the special conditions of the local in the various colonies.
“Article 1st The insurance industry can be practiced in the Portuguese Colonial Empire by public companies, with headquarters in any of the colonies, and by agencies of national or foreign insurance companies, under the terms of this Decree.”
Document caption
Decree No. 34562, of 1st May 1945
Image extracted from DRE/ Diário do Govêrno nº 94/1945, Série I de 1 de maio de 1945, Ministério das Colónias – Gabinete do Ministro, pages 323-328
https://dre.pt/application/conteudo/6103911946
1946Professional Wallet for Insurance Professionals
By order of the under-Secretary of State for Corporations of 8th February 1946, it was determined that “…the professional wallet of the insurance professionals is a compulsory document for the exercise of the profession, both men and women, over 18 years of age, represented by the national unions of the employees of the insurance companies of the district of Lisbon and of the insurance professionals of the district of Porto. The wallet will be passed by the union according to the approved model.”
Document caption
Model of Insurance Professional Wallet (1956)
CHAPAS Club Collection1946
1946Model Identity cards for the branch of Civil Liability
Ordinance No. 11267, of 12th February 1946, creates a model of identity cards to be issued by insurance companies, for their motor vehicle liability policyholders.
Document caption
Ourique Insurance Company, RC Identity Card, Year: 1958
CHAPAS Club Collection1949
1949Creation of the General Inspection of Credit and Insurance (Insurance Supervision in Portugal)
Decree-Law No. 37470, of 6th July, creates the General Inspectorate of Credit and Insurance, which will cover the services of the Inspectorate of Banking, mentioned in Decree-Law No. 36542, and those of the Insurance Inspectorate, mentioned in Decrees Nos. 17556 and 21977.
Document caption
Decree-Law No. 37470, of 6th July 1949
Image extracted from DRE/ Diário do Governo nº 146/1949, Série I de 1949-07-06, Ministério das Finanças – Gabinete do Ministro, pages 485-486
https://dre.pt/application/file/2607691949
Creation of the General Inspection of Credit and Insurance (Insurance Supervision in Portugal)1958
1958Creation of the Portuguese Office of the International Automobile Insurance Certificate
By deliberation of the general assembly of the Insurers’ Guild on 21st February 1958, the Portuguese Office of the International Automobile Insurance Certificate was created, and the document is delivered to the insured, called “Carta Verde”.
This has facilitated the international movement of motor vehicles, resolving in a practical way the situation of drivers transiting in foreign countries in the event of an accident.
Document caption
Model of “Carta Verde”
CHAPAS Club Collection1958
Creation of the Portuguese Office of the International Automobile Insurance Certificate1962
1962Creation of the National Insurance Fund for Professional Illnesses
By Decree-Law No. 44307, of 27th April 1962, a specific institution of national scope is created, the National Insurance Fund for Professional Illnesses, which is included among the 1st category of welfare institutions, applying the system of unions social security, from which it is distinguished not only by the protected eventualities, but also by the fact that, for its financing, only the employers contribute.
Document caption
Decree-Law No. 44307, of 27th April 1962
Image extracted from DRE/ Diário do Governo nº 95/1962, Série I de 1962-04-27, Ministério das Corporações e Previdência Social – Gabinete do Ministro, pages 575-577
https://dre.pt/application/conteudo/5160701968
1968Marcelo Caetano succeeds António Oliveira Salazar as President of the Council of Ministers
Marcelo Caetano succeeded Oliveira Salazar in 1968. Graduated in Law, he helped in the drafting of the constitution of the Estado Novo, suffraged in 1933.
He has been involved in teaching Law for several decades, began his political career in the forties at the head of Mocidade Portuguesa and held various positions in insurance companies such as Companhia de Seguros Fidelidade and Companhia de Seguros Bonança, as well as in the Insurance Guild.
And for half a dozen years, the country experienced the marcelist spring, an expectation of change that did not come true.
In 1974 he resisted the coup attempt that took place on 16th March, but the same did not happen after a little over a month. More and more alone, on 25th April, surrounded in Carmo’s barracks, he surrenders and delivers the power to General Spínola.
He died in 1980 in Brazil, the country where he had gone into exile.
Image caption
Coming to the official office on the first day in function
Image extracted from Fotobiografias Século XX/ Marcello Caetano/ Direcção de Joaquim Vieira/ Círculo de Leitores (2002)1968
Marcelo Caetano succeeds António Oliveira Salazar as President of the Council of Ministers1971
1971Establishment of the National Insurance Council. Insurance and Reinsurance Activity Regime
Law No. 2/71, of the 12th April establishes the regime of insurance and reinsurance activity. It creates the National Insurance Council, as an advisory entity to the Ministers of Finance and “Ultramar” for insurance politics problems.
Document caption
Law No. 2, of 12th April 1971
Image extracted from DRE/ Diário do Governo, I Série, Número 85, 12 de Abril de 1971, Presidência da República, pages 511-513
https://dre.pt/application/conteudo/4457251971
Establishment of the National Insurance Council. Insurance and Reinsurance Activity Regime1974
1974The Armed Forces Movement carries out a coup d’état that puts an end to the “Estado Novo”
In the early hours of 25th April 1974, the Armed Forces unleashed a revolt to seize power after 48 years of dictatorship.
Photo Caption
Concentration in Chiado, Lisbon, near the building of “A Mundial” Insurance Company
Images courtesy of the Calouste Gulbenkian Foundation Art Library / Art Library
Photographer: Studio Horácio Novais
Date of original photographs: 25th April 1974
https://www.flickr.com/photos/biblarte/sets/72157636044539673/1974
The Armed Forces Movement carries out a coup d'état that puts an end to the "Estado Novo"1975
1975Nationalisation of insurance companies
Nationalisation of Insurance Companies with portuguese capital, except for mutual companies, through Decree-Law 135-A/75, of 15th March.
This diploma nationalised “all insurance companies with headquarters on the mainland and adjacent islands, with the exception of insurance companies like Europeia, Metrópole, Portugal, Portugal Previdente, A Social, Sociedade Portuguesa de Seguros and O Trabalho, given the significant participation of foreign insurance companies in its capital, agencies of foreign insurance companies authorised to carry out insurance business in Portugal and mutual insurance companies”.
With the nationalisation, 25 insurance companies became part of the State.
Image caption
The Nationalisation of Portuguese Insurance Companies is front page news in “Diário de Notícias” of 17th March 1975
Image extracted from the book “110 anos a construir um futuro mais seguro”, Açoreana seguros, by Maria de Fátima Senra Estrela (2002)1975
1975Extinction of the General Inspection of Credit and Insurance
Decree-Law No. 301/75, of 20th June, abolishes the General Inspection of Credit and Insurance, transferring to Banco de Portugal the powers that were incumbent on the Credit Inspection by law, with the services of the Insurance Inspection remaining part of the organic structure of the Ministry of Finance.
Document caption
Decree-Law No. 301/75, of 20th June 1975
Image extracted from IGF-Inspeção-Geral de Finanças
https://www.igf.gov.pt/leggeraldocs/DL_301_75.htm1975
1975Extinction of the Insurance Guild
The Insurers’ Guild was extinguished by Decree-Law No. 306/75, of 21st June, because it was considered that its extinction was unavoidable, due to the nationalisation of national insurance companies.
Image caption
Insurers’ Guild Yearbook No. 16, 1973
Image extracted from blog “Restos de Colecção”, Grémio dos Seguradores, 12th March 2014
https://restosdecoleccao.blogspot.com/2014/03/gremio-dos-seguradores.html1976
1976Creation of the National Insurance Institute
By the Insurance Supervision in Portugal, the National Institute of Insurance is created by Decree-Law No. 11-B/76, of 13th January, with the purpose of guiding and coordinating the development of all insurance and reinsurance activity and the definition of structural evolution plans.
Document caption
Decree-Law No. 11-B, of 13th January 1976
Image extracted from DRE/ Diário do Governo nº 10/1976, 2º Suplemento, Série I de 1976-01-13, Ministério das Finanças – Secretaria de Estado do Tesouro, pages 32-(3) a 32-(5)
https://dre.pt/application/conteudo/2411961979
1979In the Insurance restructuring of the Public Sector
By Decree-Law No. 403/79, of 22nd September, Portugal Re – Companhia Portuguesa de Resseguros, E.P. was created, a public company with legal personality and administrative, financial, and patrimonial autonomy.
The company now established is governed by the legislation applicable to public undertakings and, in particularly to insurance undertakings and, secondarily, by general rules of Law.
Portugal Re – Companhia Portuguesa de Resseguros, E.P., results from the merger of Câmara Resseguradora Portuguesa, Prudência – Companhia Portuguesa de Resseguros, Companhia de Seguros Vitalícia, Equidade – Companhia Portuguesa de Resseguros and Continental de Resseguros, nationalised in accordance with Decree-Law No. 135-A/75 of 15th March.
Document caption
Decree-Law No. 403/79, of 22nd September 1979
Image extracted from DRE/ Diário da República nº 220/1979, Série I de 1979-09-22, Ministério das Finanças e do Plano – Secretaria de Estado do Tesouro, pages 2496-2499
https://dre.pt/application/conteudo/3655301979
1979Compulsory car Liability Insurance and Creation of the Automotive Guarantee Fund
Automobile liability insurance became required on 1st January 1980, with the publishing of Decree-Law 408/79, of 25th September.
The number of vehicles insured at the time was just over 2 million and the minimum capital insured was the equivalent of EUR 3 500 for light vehicles.
The same decree established the Automotive Guarantee Fund (FGA), under the terms of Regulatory Decree No. 58/79.
Documents caption
Decree-Law No. 408/79, of 25th September 1979
Regulatory Decree No. 58/79, of 25th September 1979
Images extracted from DRE/ Diário da República nº 222/1979, Série I de 1979-09-25, Ministério das Finanças e do Plano – Secretaria de Estado do Tesouro, pages 2507-2513
https://dre.pt/application/file/3655751979
Compulsory car Liability Insurance and Creation of the Automotive Guarantee Fund1979
1979Creation of the General Inspection of Insurance
With the publication of Decree-Law No. 513-B1/79 of 27th December the General Inspection of Insurance, under the Ministry of Finance – Supervision of Insurance in Portugal, was established.
Document caption
Decree-Law No. 513-B1, of 27th December 1979
Image extracted from DRE/ Diário da República nº 297/1979, 2º Suplemento, Série I de 1979-12-27, Ministério das Finanças – Secretaria de Estado do Tesouro, pages 3366-(57) a 3366-(61)
https://dre.pt/application/conteudo/1473801982
1982Creation of the Portuguese Insurance Association
The Portuguese Insurance Association became the Portuguese Association of Insurers in 1985, because of a remodeling of the statutes, with a deed signed on the 25th March of the same year.
It is a non-profit association of employers, which brings together insurance and reinsurance companies operating in the portuguese market, regardless of their legal nature or nationality.
It was presidents:
1982-1997 – Ruy de Carvalho
1997-2005 – António Reis
2005-2008 – Jaime d´Almeida
2008-2016 – Pedro Seixas Vale
At present, José Galamba de Oliveira.
Images caption
Images of the Portuguese Insurers Association brand, since its creation1982
1982Creation of the Portuguese Insurance Institute
Decree-Law No. 302/82, of 30th July 1982 – Insurance Supervision in Portugal – creates the Portuguese Insurance Institute, replacing the National Insurance Institute.
It was presidents:
1982-1990 – Armando F. Da Silva Almeida
1990 – José F. Leitão de Carvalho
1990-1994 – Tomé Pinho Gil
1994-1996 – José Monteiro Fernandes Braz
1996-1998 – Diamantino Pereira Marques
1998-1999 – Tomé Pinho Gil
1999-2006 – Rui Manuel Leão Martinho
2006-2012 – Fernando Dias Nogueira
2012-2019 – José António Figueiredo Almaça
At present, Maria Margarida de Lucena Corrêa de Aguiar.
Image caption
Image of the Portuguese Insurance Institute brandDocument caption
Decree-Law No. 302/82, of 30th July 1982
Image extracted from DRE/ Diário da República nº 174/1982, Série I de 1982-07-30, Ministério das Finanças e do Plano-Secretaria de Estado do Turismo, pages 2261-2265
https://dre.pt/application/conteudo/3973111983
1983Openness of insurance to national private initiative
By Decree Law No. 406/83, of 19th November, private companies, and other entities of the same nature can carry on banking and insurance activities.
This Decree-Law changes Articles 3, 5 and 8 of Law No. 46/77 of July 8 (delimitation of the public and private sectors).
“This puts an end to a controversial hesitation that has impassioned public opinion. But the truth is that both the experience gained in the meantime and the prospect of our joining the Common Market and the consequent ratification of the treaty that gave rise to it, and above all the firm conviction that the measure now taken coincides with the most eminent defense of the national interest, have determined the government not to delay any longer the decision to establish a salutary regime of emulating competition between the public sector and the private sector in areas as important as those contemplated in this law.”
Document caption
Decree-Law No. 406/83, of 19th November 1983
Image extracted from DRE/ Diário da República nº 267/1983, Série I de 1983-11-19, Presidência do Conselho de Ministros e Ministério das Finanças e do Plano, page 3850
https://dre.pt/application/file/4436581984
1984Private initiative in the insurance activity
Regulation of the private initiative access to the insurance activity, in national territory, by Decree-Law No. 188/84 of 5th June.
Document caption
Decree-Law No. 188/84, of 5th June 1984
Image extracted from DRE/ Diário da República nº 130/1984, 1º Suplemento, Série I de 1984-06-05, Ministérios da Justiça e das Finanças e do Plano, pages 1788-(6) a 1788-(15)
https://dre.pt/application/conteudo/4963321985
1985General Contract Clauses
The Decree Law No. 446/85, of 25th October, establishes the legal regime of General Contract Clauses.
Document caption
Decree-Law No. 446/85, of 25th October 1985
Image extracted from DRE/ Diário da República nº 246/1985, Série I de 1985-10-25, Ministério da Justiça, pages 3533-3538
https://dre.pt/application/conteudo/1778691986
1986Portugal becomes a Member of the EEC – European Economic Community
On 12 June 1985 Portugal signed the treaty of accession to the EEC-European Economic Community. The Prime Minister Mário Soares led the entourage that formalized, in the Jerónimos Monastery, the country’s entrance in the european project.
In fact, Portugal has been a member of the European Union since 1 January 1986, after submitting its candidature for membership on 28th March 1977 and signing the pre-accession agreement on 3rd December 1980.
Portugal’s accession to the EEC is one of the consequences of April 25, 1974 and the subsequent changes that this revolution caused in the economic, political, and social aspects.
Source
Infopédia “Adesão de Portugal à CEE”
https://www.infopedia.pt/$adesao-de-portugal-a-ceePhoto caption
Signing of the agreement to join the EEC, on 12th June 1985, at the Monastery of Jerónimos in Lisbon
Image extracted from the book “110 anos a construir um futuro mais seguro”, Açoreana seguros, by Maria de Fátima Senra Estrela (2002)1987
1987Spin-off of Insurance Companies into specialised companies
Decree-law No. 168/87, of 18th April 1987, grants tax incentives for the spin-off and transformation of insurance companies into specialised companies, according to the life and non-life branches.
Document caption
Decree-Law No. 168/87, of 18th April 1987
Image extracted from DRE/ Diário da República nº 90/1987, Série I de 1987-04-18, Ministério das Finança, page 15631995
1995Transparency rules in insurance activity
Transparency rules for the insurance activity and provisions concerning the legal regime of the insurance contract are established by Decree-Law No. 176/95, of 26th July 1995.
Document caption
Decree-Law No. 176/95, of 26th July 1995
Image extracted from DRE/ Diário da República nº 171/1995, Série I-A de 1995-07-26, Ministério das Finanças, pages 4740-4747
https://dre.pt/application/conteudo/4849841998
1998General scheme of insurance companies
The Decree-Law No. 94 B/98, of 20th April, regulates the conditions of access to and the activity of insurance and reinsurance in the territory of the European Community, including that practiced within the institutional context of free zones.
Document caption
Decree-Law No. 94 B/98, of 20th April 1998
Image extracted from DRE/ Diário da República nº 90/1998, 2º Suplemento, Série I-A de 1998-04-17, Ministério das Finanças, pages 1706-(8) a 1706-(59)
https://dre.pt/application/conteudo/474478
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Events and Disasters
“Human history is increasingly becoming a race between education and catastrophe.”
(Herbert George Wells)
The principles of mutualism must always be considered in preventing and responding to risk in individuals, families, businesses … in the dynamics of society. The insurance is a faithful depository of premiums, the insurance will return it to the company for compensation for misfortune.
Natural disasters accounted for about 78% of the damage suffered between 1970 and 2011, against 22% of the insured damage caused by human intervention, which includes the September 2001 Terrorist Attack, classified as the fourth largest accident since records.
In the recent past, 2011 was for the international insurance industry the second largest year in terms of accidents caused by natural disasters, only behind 2005.
Portugal has several natural disaster events in its history, but the risk of seismic phenomena is the one that causes the greatest concern with the destructive potential, even with different levels of risk among the various regions.
The scourge of forest fires has periodically devastated the Portuguese forest and, more recently, the storm that hit the island of Madeira, which was considered one of the 50 greatest natural disasters to have occurred throughout the world, with 43 people killed and the insurance market supporting compensation more than 135 million euros.
To praise the increasing robustness of the insurance companies that have responded with greater speed and commitment, allocating extraordinary resources to enable the settlement of the losses claimed.
1415 – The Black Death and the Death of Queen Filipa of Lencastre
The Black Death devastated Portugal, especially the cities of Lisbon and Porto, when preparations were underway for the conquest of Ceuta.
On the eve of the expedition’s departure, Queen Filipa of Lencastre died on 19th July 1415, at Odivelas Monastery, victim of this epidemic.
Sources:
Book ”Por Terras de El-Rei D. Dinis” by Maria Máxima Vaz
Blog “História de Portugal”
Picture extracted from “VIX” – #26 Peste Negra
1505 – Typhoid Epidemic
Between 1505 and 1507, the population of Lisbon was the victim of an epidemic, of typhoid origin. King Manuel I and the Court went to Almeirim to escape the epidemic, but the epidemic ended up deterring it and was considered one of the deadliest that spread throughout the country. The number of deaths due to the disease was so high that, in a letter dated 20th March 1506, he was ordered to build two cemeteries outside the city gates.
Source:
Municipal Archive of C. M. Lisboa, Cadernos 2ª série, pág. 254 “Lisboa na confluência das rotas comerciais: efeitos na saúde pública (séculos XV a XVII)” by António Augusto Salgado de Barros
Picture extracted from “dn/Fotogaleria”
1531, 26th January – The second largest earthquake to hit Lisbon
This strong earthquake will have destroyed about 2,000 houses in the Lisbon and Tagus Valley region. It is estimated that 30,000 people died.
This catastrophe was so serious and violent that it reached the regions of Santarém, Almeirim, Azambuja and Vila Franca de Xira. In some areas of Alentejo, Beira Litoral and southern Spain, there was also damage.
Source:
Official website “RTP Ensina/Temas”
Picture extracted from “diasdoano”
1569 – The Great Prague come to Portugal
Since 1563, the Black Death has been in Europe, reaching the areas of Zaragoza, Logronho and Navarra, Bilbao, Burgos, and other regions north of Meseta and west. It then arrived in Seville, Galicia and finally Lisbon, irradiating to some peripheral areas.
Upon arriving in Lisbon, he did so with exceptional violence, causing 60 thousand deaths.
The epidemic lasted from July 1569 until the spring of 1570, starting its decline.
Source:
Municipal Archive of C. M. Lisboa, Cadernos 2ª série, pág. 254/5 “Lisboa na confluência das rotas comerciais: efeitos na saúde pública (séculos XV a XVII)” by António Augusto Salgado de Barros
Picture extracted from blog of John Soares “…Histórias – E Outras Coisas…”
1666, 2nd September – Great Fire of London, England
On 2nd September 1666, a great fire broke out in the city of London.
It began at Thomas Farynor’s bakery, the baker of King Charles II. For four days the fire got out of control and resulted in the destruction of a third of the city of London.
With a reality of destruction of 13,000 houses, 87 churches, St. Paul’s Cathedral, London Stock Exchange, and Royal Palace.
The fire proved devastating because there were no firemen acting in an organized way and when it was to pay damages there was no insurance.
The State limited itself to creating the Fire Court to arbitrate conflicts between people, benefiting the richest and advising the underprivileged to go and live outside the city.
Nicholas Barbon economist and doctor had the notion of the business opportunity and created a company called Fire Office (1667), to insure the risk of fire on real estate. The genesis of the modern insurance industry was launched.
Fire Office (1667) created the first fire insurance plates (now fire branch) that were offered to those who contracted fire risk. The fire insurance plates were placed above the entrance door to the insured property, identifying which insurance company and even marking the policy number.
At the time, there were no fire brigades in London, so each British insurer hired a set of boatmen (brigade) who, in their daily routine, made the crossing of people and goods between the two banks of the River Thames. In case of fire, the insurance company was identified by the insurance plate and the boatmen, paid by that insurance company, were called to put out the fire.
Source
Picture extracted from “blog da arquitetura”
Model made during London’s Burning festival, reproducing the Great Fire of London
1755, 1st November – 1755 Earthquake
An earthquake of great magnitude, estimated an intensity between 8.7 and 9 on the Richter scale, destroyed part of the city of Lisbon, especially the downtown area. It also hit other areas of the country, such as Setúbal and the entire coast of the Algarve. In Spain, to the south, it reached Seville and left its mark on the wall of the city of Carmona.
It was one of the deadliest earthquakes in history, marking what some historians call the prehistory of modern Europe. This natural disaster was the most destructive in recent centuries to hit Portugal.
The earthquake was followed by a tsunami, which is believed to have reached the height of 20 meters, as well as several fires in the city, having made about 10 thousand dead, it is not known for sure.
It had a great political and socio-economic impact on Portuguese society in the 18th century, giving rise to the first scientific studies of the effect of an earthquake in a large area, thus marking the birth of modern seismology.
In 1755, there was still no insurance to cover the losses resulting from the loss of buildings and their fillings. The personal losses were borne by everyone.
The reconstruction of downtown Lisbon was on behalf of the State, where the Marquis of Pombal had the city plan redesigned by architects Carlos Mardel, Manuel da Maia and Eugénio dos Santos.
Source
Picture extracted from “Santo Tirso TV”
1863, 19th November – A fire destroyed the Council Chambers
A violent fire broke out at the palace where the Lisbon City Hall, the headquarters of the Bank of Portugal, the Fidelidade Insurance Company, the Lezírias Company, the Vapores do Tejo and the headquarters of the Contrato do Tabaco were installed.
The property was not isolated, it was confined by the North, in Capelistas street, today Comércio street, what caused the destruction, total, of the building.
By the way, after the 1863 fire, the insurance company Fidelidade moved to the first floor of the building next to the Corpo Santo Church in Lisbon.
Remember that the first headquarters of Fidelidade had been temporarily in Flores street 6 and then in 1836 in a Nova de El-Rei street 94, however the biggest movement was in the Comércio Square where it had an office on the site of the old Insurance House. In 1848, they moved to Arsenal Street 60.
Source:
Book “Grupo Segurador Fidelidade/ 150 anos de História/ 1835-1985” – CHAPAS Club collection
Picture extracted from the book “Grupo Segurador Fidelidade/ 150 anos de História/ 1835-1985” – CHAPAS Club collection
1875 – The Shipwreck of the SS Cadiz and the “Hunting Knife”
In the history of insurance in Portugal are several episodes that enrich it, namely one of the most emblematic – insurance and rescue of the “Hunting Knife”.
A magnificent jewel of Portuguese goldsmithery, carved in silver by the artist Rafael Zacarias da Costa, commissioned by King Dom Fernando II, inspired by the ivory knife that his son Dom Luís gave him after buying it from the Dresden dealer, Mortiz Meyer.
Rafael Zacarias da Costa spent eleven years creating it, from the time he molde it in wax until he finished it in silver, will have almost completely lost his sight.
The “Hunting Knife” is 63 centimeters long. On both the hilt and the scabbard 130 animals were carved, artfully distributed – the boar harried by greyhounds, ahead the majestic lion raising his royal mane, then the elegant restless panther, the gorgeous and nervous deer…
King Dom Fernando II, to whom the purchase was destined, could not reach an agreement with the master Rafael Zacarias da Costa as to the value of the piece, so it was left in the custody of the gold merchant Estevam de Sousa, located at Rua Áurea, in Lisbon.
As there was no one in Portugal to buy it, it was sent to London, where it was hoped a good buyer would be found. For this, it was insured for its value – £7,000 – in the then already reputable Fidelidade Insurance Company and Garantia Insurance Company.
On 9th May 1875, another maritime tragedy occurred: the steamer “Cadiz” had lost her strength in the battle against the strong storms, and ended up shipwrecked in the Brest canal, and on board, among other items, was a “Hunting Knife”.
For the loss of such a precious object, the Insurance Companies Fidelidade and Garantia compensated its owner Estevam de Sousa, at 31,500 réis.
Through Casa Bruno da Silva & Sons and with the support of the Londrina Salvation Association, it was possible to recover it from the depths of the seas.
After the rescue in Brest, the “Hunting Knife” was sent to London, where it was subjected to cleaning by Elkington & Co., and on 20 July 1876 it boarded the steamship London to Lisbon.
The insurance companies Fidelidade and Garantia, while co-owners of the “Hunting Knife”, promoted its exhibition in various places: in 1874 at the Association of the Improvements of the Labouring Classes; in 1878 at the Universal Exhibition in Paris; in 1879 it travelled to Brazil to be present at the Portuguese Exposition, in Rio de Janeiro; in May 1933, on the occasion of the 80th anniversary of Garantia, it is exhibited in Porto; in 1940, at the Exhibition of the Portuguese World, Hunting Pavilion, of the Colonial Ethnographic Section of the Historical Exhibition of the Portuguese World, in Lisbon; in 1943, it was present at the Estoril Game Exhibition, at the Casino do Estoril, promoted by Costa do Sol Society; in 1944, at the exhibition of the Havas Agency, at 234-242, Rua Áurea, in Lisbon.
Nowadays, “Hunting Knife” is owned by Fidelidade Insurance Company S.A..
Source:
Magazine of Companhia de Seguros Fidelidade-Mundial, SA, “Companhia” nº 2, págs. 20 e 21 (July 2004) – CHAPAS Club collection
“Hunting Knife”
Fidelidade Insurance Company S.A.
Largo do Calhariz 30, in Lisbon
Photo from the CHAPAS Club collection
1909, 23rd April – The Benavente Earthquake
The Benavente earthquake, on 23rd April 1909, is considered the most devastating in continental Portugal in the 20th century.
With a short duration, about 22 seconds, and an estimated magnitude of 6.7 degrees on the Richter scale, this earthquake caused in the county only a few dozen dead and injured, a balance that was no longer dramatic because at the time it occurred, 5:05 pm, most of the population was working in the fields.
The villages violently affected were Benavente, Samora Correia and Santo Estevão.
Source:
Benavente Municipality website “Terramoto de 1909”
Picture extracted from “Eu Gosto de Santarém”
1912, 14th April – Wreck of the Titanic
The wreck of the “Titanic” is in the memory of all of us, through history, through conversations, through films.
The tragedy of the famous ship, this giant “unsinkable” of the seas, collided with an iceberg, in its maiden voyage, from Southampton (England) to New York (USA), where 1,523 people died.
Considered an epic ship, splendor of the naval engineering technique, majestic and imposing, with a decoration inspired in a hotel that was in fashion, “the Ritz”, was 269 meters long and it was due to navigation error and human failure that, in that dawn of fog, the tragedy occurred, breaking in half and succumbing in the Atlantic at 3,800 meters deep.
On board were 4 Portuguese, 3 Madeiran farmers and a young merchant, born in Loulé, who embarked in England to emigrate to America.
The insurance of the Transatlantic and the enormous values that it transported were assured by several companies: English (namely Lloyd’s of London), French, German (Allianz), Japanese and American. The Titanic owner guaranteed the difference from USD 7.5 million to the USD 5 million guaranteed by the insurers.
It was widely reported that the high claims were fully paid, just 30 days after the shipwreck, reaching USD 2.9 billion.
Curiously, for the first time in the history of insurance, the value of a car that sank, brand Renault, was paid in the amount of 5000 dollars, by claim of the surviving passenger, William Carter.
Sources:
Hemeroteca Digital official website, C. M. Lisboa, Efemérides, magazine “Occidente” of 30th April 1912, págs. 89 a 93
Official website pplware.sapo.pt
Picture extracted from “Wikipedia – Naufrágio do RMS Titanic”
Shipwreck of the Titanic, by Willy Stöwer, 1912
1918 – The Pneumonic or Spanish Flu
In several phases, pneumonic – also known as Spanish flu – has killed more than 60,000 Portuguese, mostly young people in Portugal.
Pneumonic caught the health authorities unprepared, not least because the virus was still unknown, and Portugal did not escape the outbreak when, at the end of May 1918, the first case in Vila Viçosa appeared. Soon the contagion spread throughout the country, from south to north.
Portuguese deaths are a tiny part of the more than 20 million victims worldwide – although there are estimates that point to much higher numbers, but it’s such an impressive amount that it can be considered the highest for a disease of its kind in Portugal.
Source:
Official website of newspaper “Diário de Notícias” of 17th March 2018, “A epidemia que veio de Espanha e matou mais de 60 mil portugueses”, article by João Céu e Silva
Picture extracted from “Correio do Ribatejo”, crónicas
1941, 15th February – The Cyclone of 1941
Continental Portugal was violently swept by a depression that moved northeast along the Portuguese coast, causing extraordinarily strong winds and high rainfall throughout the territory, causing “…enormous damage, some irreparable, which seriously compromised the national economy”.
In Lisbon, a gust value of 129 km/h was registered, Coimbra registered 133 km/h and in Porto, Serra do Pilar, 167 km/h.
Source:
Official site of archive “IPMA, Media, Notícias” of 16th February 2017
Picture extracted from blog “o de maia”, top of the newspaper cover from “O Século”
1959, 13th August – Large fire destroys São Domingos Church in Lisbon
Built in the 13th century by D. Sancho II, it was partially destroyed by the 1531 earthquake and rebuilt in 1536.
But in 1959 it ploughed one of the biggest fires in the city of Lisbon, perhaps caused by a nearby chimney gully. Firefighters, volunteers, and sappers from the city of Lisbon, a total of 300 men, fought the fire. Two fire-fighters died in mourning.
Most of the damage was incalculable and not covered by insurance. Altars were lost in gilded woodcarvings, valuable images, and paintings from the baroque period.
Although recovered, it still shows traces of this fire that will have become one of the most serious situations faced by Portuguese firefighters.
Source:
Official site of the Portuguese Fire Brigade, History and Museological Heritage Nucleus, “O incêndio na Igreja de São Domingos”, research/text by Luís Miguel Baptista, 31st August 2016
Pictures extracted from twitter “Lisboa” da Câmara Municipal de Lisboa, cover and inside of “O Século Ilustrado” magazine
1961, 23rd January – Kidnapping of the Portuguese “Santa Maria” bellboy
The newspapers of the time reported that “…at 2 o’clock in the morning, a group of armed men assaulted the bellman’s vital points, resulting in one dead and one seriously wounded”.
The Santa Maria Paquette was insured by Lloyd’s Insurance Company in London for $250,000,000. This insurance company informed the Portuguese state that if the ship had sunk, it would pay nothing, because the policy does not guarantee “war risks”.
Source:
Newspaper “Diário de Notícias” clipping of 26th January 1961 – CHAPAS Club collection
Image of newspaper “Diário de Notícias” clipping of 26th January 1961 and “Dinner menu” of 29th November 1960 – CHAPAS Club Collection
1963, 20th March – Fire and wreck of coastal ship “Tagus”
The cargo ship “Tagus” of the National Navigation Company (Portugal) was sailing north of Inhambane – Mozambique, caught fire due to an explosion in hold two, where large quantities of gasoline, oil and tar followed. Three crew members died, and all the cargo was lost, saving the remaining thirty-three.
The vessel was insured at Sagres Insurance Company – Policy 26226 and with co-insurance at Império Insurance Company.
Source:
Dossier with newspaper clippings about “Notícias de Sinistros Marítimos”, vol. 1 – CHAPAS Club Collection
Image of newspaper “Diário de Notícias” clipping of 27th March 1963 – CHAPAS Club Collection
1964, 1st December – Fire at the Teatro Dona Maria II, in Lisbon
The inauguration of the National Theater been held on 13th April 1846, at the time of Queen Dona Maria II’s birthday, and called Teatro Nacional Dona Maria II.
But on the first day of December 1964 a violent fire destroyed it so badly that only the outer walls remained. The reconstruction took 14 years, reopening on the night of 11th May 1978.
Source:
Blog “Cais da Memória/ Em 1964 o Teatro D. Maria II é destruído por um incêndio”, 2nd December 2017
Left Picture, extracted from official site of the Portuguese Fire Brigade, History and Museological Heritage Nucleus, “Teatro e(m) chamas”, research/text by Luís Miguel Baptista, 4th April 2017
Right Picture, extracted from Archive DN/ “Coleção comemorativa – Postais dos 150 anos do Diário de Notícias” – CHAPAS Club Collection
1967, 25th November – Floods in and around Lisbon
On the night of November 25 to 26, 1967, heavy rains fell uninterruptedly over several regions of the country, reaching 170L/m2 per hour, causing one of the major disasters in Portugal. The Greater Lisbon region, from Cascais to Alenquer, was particularly affected.
As a direct consequence of the floods there was a high number of deaths and homes destroyed, resulting in thousands of homeless people.
Source
Left Picture, extracted from Gforum/ Sociologia, “A tragédia que Salazar quis esconder – Cheias de 1967 em Lisboa” by Nelson14, 9th March 2018
Right Picture, extracted from Hemeroteca Digital official website, C. M. Lisboa, Efemérides, “as cheias de 1967”, newspaper cover “República” of 26th November 1967
1969, 28th February – Earthquake in Portugal
On the last day of February 1969, Lisbon and several regions of the country were shaken by an earthquake with the epicenter about 230 km southwest of the Portuguese capital. An earthquake of magnitude 7.9 on the Richter scale interrupted the night, with special vehemence in the Algarve region. Desolate as it had not happened for decades.
Like no other since then, the earthquake wreaked havoc, wiped out a village, gave rise to a small tsunami and caused 13 deaths, two of which were considered direct victims of the quake.
The earthquake was felt in Morocco, but also in Bordeaux and the Canaries.
Source:
RTP Notícias official website/ País, “28 de fevereiro de 1969: a noite em que Portugal tremeu para reavivar o risco” by Christopher Marques, 21st September 2017
Image of newspaper cover “Diário de Lisboa” extracted from blog “Ambitare Scriptum/ O sismo de 28 de fevereiro de 1969”, 27th Februry 2019
1977, 19th November – Madeira Island Air Accident
The greatest tragedy in Portuguese aviation occurred on 19th November 1977, at Madeira Airport. TAP’s Boeing 727-200, called Sacadura Cabral, crashed while attempting to land on the runway of Santa Catarina Airport in Madeira.
According to the accident investigation report published by INAC, the factors pointed out were the adverse meteorological conditions combined with the short runway and human failure.
At the third landing attempt, the plane touched the runway and only stopped 323 meters ahead of normal, reaching the end of the runway at a speed of 126 km/h.
The aircraft broke in half with its tail on the ground – which allowed 33 people to survive with injuries – and the front at sea, followed by an explosion. There were 131 fatalities.
TAP and Império Insurance Company, which guaranteed the civil liability, have settled the indemnification processes judicially and extrajudicially.
Because of the accident the company moved on to extend the runway in 1986 and in successive years – it is still today considered one of the most difficult to land worldwide.
In 2017 this international airport was renamed “Cristiano Ronaldo” in honor of the player, under a proposal that has not yet been officially accepted.
Image Source
Image of newspaper cover “O Dia”, 21st November 1977 – CHAPAS Club Collection
1985, 11th September – The Alcafache railway accident
In the late afternoon of 11th September 1985, a terrible and remarkable event in the history of the Portuguese Railways took place on the Beira Alta line.
It would have been a communication error, via telephone, between the station chiefs of Nelas and Moimenta de Maceira Dão-Alcafache’s Station that put the involved trains on a collision course. On the line, from a single track, followed the regional train that had left the Guarda bound for Coimbra and in the opposite direction, the Sud-Express composition that had left the Porto to Vilar Formoso bound for Paris.
Among the 460 passengers travelling on the two trains, many were emigrants returning to France.
Around 6:37 p.m. the two trains collided head-on with such violence that they caused a series of explosions, causing many injuries and a few dozen deaths. This tragedy left victims unidentified and who, until today, have been reported missing.
CP-Comboios de Portugal took over the payment of funerals, the treatment of the injured and speeded up the process of compensation.
Source:
TL-TrainLogistic official website, “Acidente Ferroviário de Alcafache-1985” by Cláudio Amendoeira, September 2013
Picture extracted from TL-TrainLogistic
1988, 25th August – Great fire in Chiado
It was Thursday, 25th August 1988 and at 5 a.m. a fire alert is given in Chiado.
The Chiado fire broke out at Grandella Warehouses, on the side of Carmo street, in Lisbon. In the heart of downtown Lisbon several buildings were devoured by the flames and in less than 5 hours, leaving that historical area in ruins. The fire consumed 18 buildings between Garrett street and Nova do Almada street, mostly shopping and services areas.
More than 1200 firemen fought the great fire. There were two fatal victims, a fireman and a resident, and the despair of those who lost their property or their job.
But the recovery began and was completed in 1999.
The emergency office, which then arose, to assess the damage and the reconstruction worked in the then Insurance Institute of Portugal, now ASF – Insurance and Pension Funds Supervisory Authority. The insurers will have paid the equivalent, today, of 20 million euros in damages.
Source:
RTP Notícias official website/ País, “Um fogo no coração de Lisboa. O incêndio do Chiado foi há 30 anos” by Andreia Martins, Sara Piteira-RTP, 26th August 2018
Image of newspaper cover from “O Independente”, 26th August 1988 – CHAPAS Club Collection
Image of newspaper cover and back cover from “Correio da Manhã”, 26th August 1988 – CHAPAS Club Collection
2010, 20th February – Alluvium in Madeira Island
Rain continued to fall incessantly on the island of Madeira during the dawn of 20th February 2010.
This storm was a sequence of events initiated by heavy rainfall, followed by a rise in sea level. The orography of the island, the lack of town planning and illegal construction were factors that will have aggravated the effects of the disaster, causing heavy flooding with the overflowing of streams and landslides along the slopes of the island, particularly in the south.
The lower part of the city of Funchal was flooded and road traffic was hindered by stones and tree trunks dragged along the streams of São João, Santa Luzia and João Gomes.
The chapel of Nossa Senhora da Conceição was taken by the force of the waters, together with some houses. The image of the Saint was saved by the people.
It was confirmed 47 dead, 4 missing, 600 homeless and 250 wounded.
The amount of water that fell that day, particularly at Pico do Areeiro, was the highest ever recorded in Portugal.
The losses were estimated at around EUR 1 080 million, distributed by the State,
740 million by the regional government, together with private donations and insurance companies which supported 309 million. The European Union Solidarity Fund contributed EUR 31 million.
The Portuguese government declared three days of national mourning.
Source
Picture extracted from Wikipédia, “Aluvião na ilha da Madeira em 2010” by Andreas Gehret from Hamburg, Germany
2017, 17th June – Pedrogão Grande’s Big Fire
The fire that broke out in Pedrógão Grande and spread to neighboring municipalities caused 66 deaths and 253 injuries, seven of which were serious, and destroyed half a thousand homes, 261 of which were permanent homes as well as 50 businesses.
Source:
Online newspaper official website “O Observador”, 14th June 2018
Picture extracted from RTP Notícias official website/ País/ Reuters, “Foram apagados ou destruídos documentos sobre incêndio de Pedrogão Grande” by RTP, 2nd May 2018
2018, 13th October – Leslie Storm
The passage of hurricane Leslie, which arrived in Portugal as a tropical storm, on the night of October 13 to 14, 2018, affected, with varying degrees of severity, the Central region, especially the district of Coimbra. It caused 27 minor injuries, 61 displaced persons and losses of about 120 million euros.
Source
Picture extracted from RR-Renascença official website, Photo: Manuela Pires/RR (arquivo), 13th October 2018
“There are worse things in life than death. Have you ever spent an evening with an insurance salesman?”
Woody Allen
History of Us
“The memory will keep what’s worthwhile.
Memory knows more about me than I do;
and it does not lose what is worth saving.”
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Mediation in Portugal
“It is possible, by force of trust, to put someone in the impossibility of deceiving us.”
(Joseph Joubert)
The insurance mediator communicates in two languages, and verbalises in good faith, the nearness and trust between insurance companies and persons or companies.
To the insurance mediator is entrusted with the task of advising and promoting so that, with the Insurers, the goods and people are effectively secure and that there’ be tranquility.