Insurance Chronology

From 1293 to 1998

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

1505 – Typhoid Epidemic

1531, 26th January – The second largest earthquake to hit Lisbon

1569 – The Great Prague come to Portugal

1666, 2nd September – Great Fire of London, England

1755, 1st November – 1755 Earthquake

1863, 19th November – A fire destroyed the Council Chambers

1875 – The Shipwreck of the SS Cadiz and the “Hunting Knife”

1909, 23rd April – The Benavente Earthquake

1912, 14th April – Wreck of the Titanic

1918 – The Pneumonic or Spanish Flu

1941, 15th February – The Cyclone of 1941

1959, 13th August – Large fire destroys São Domingos Church in Lisbon

1961, 23rd January – Kidnapping of the Portuguese “Santa Maria” bellboy

1963, 20th March – Fire and wreck of coastal ship “Tagus”

1964, 1st December – Fire at the Teatro Dona Maria II, in Lisbon

1967, 25th November – Floods in and around Lisbon

1969, 28th February – Earthquake in Portugal

1977, 19th November – Madeira Island Air Accident

1985, 11th September – The Alcafache railway accident

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 19^th 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 20^th 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 2^ndSeptember 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 jewelry, carved in silver by the artist Rafael Zacarias da Costa, inspired by a certain ivory spatula belonging to King Dom Pedro V.

Rafael Zacarias da Costa devoted eleven years to its creation, from the time he cast it into wax until he finished it in silver, and he will have almost lost his vision.

The “Hunting Knife” is 63 cms long. On the handle and sheath can be seen 130 heads of different animals interlaced with rare skill; they are not piled up, as could be expected of such a great number of animals in such little room, they are artistically arranged. Here we have the boar hunted by the hounds and there the majestic lion with his thin mane, the tiger with his hooked claws, the panther, the stag, the graceful doe, the whole forming a group of rare beauty.

King Dom Fernando, to whom the purchase was destined, cannot reach agreement with the master Rafael Zacarias da Costa as to the value of the piece for which it was guarded by the gold merchant Estevam de Sousa, in Áurea street, Lisbon.

Not finding in Portugal who acquired it had as its destination the city of London, in which it was hoped to find a good buyer. To do this, a security of its value – 700 pounds – was made in the then well-respected Fidelidade Insurance Company.

On 9^th May 1875, a new maritime tragedy occurred: The “Cadiz” steamer had lost its strength in the battle against the strong storms, eventually wrecking the Brest canal, and on board followed, among other goods, the “Hunting Knife”. On loss of such precious good, the Company compensated its owner for 31,500 réis.

But when all brought the story to an end, Fidelidade continued to search for a happy ending. The Fidelidade decided to undertake all efforts to recover the knife and, to that purpose, contacted the well-known firm of London, Casa Bruno da Silva & Sons and with the support of the London Salvage Association, it was possible to recover from the depths of the seas the treasure of our cultural heritage.

Today, the “Hunting Knife” is part of the patrimony of Fidelidade Insurance Company and was present at the inauguration of the Permanent Exhibition Memory of Insurance.

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 23^rd April 1909, is considered the most devastating in continental Portugal in the 20^th 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 13^th 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 13^th 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 11^th 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 19^th 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 11^th 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

Insurance Headquarters

Old and current

“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.”

(Eduardo Galeano)

Filter

All People of Us People... Insurance

Moses Bensabat Amzalak

Pedro de Santarém (Petrus Santerna Lusitanus)

José Hermano Saraiva

Fernando Brederode

Marcelo Caetano

A.H. Oliveira Marques

José António de Arez Romão

Ruy de Carvalho

Maria Júlia Martins

Joaquim Pedro Quintela

Partners

European continent

Portugal

CHAPAS – Clube História e Acervo Português da Actividade Seguradora

EPMS – Exposição Permanente Memória do Seguro

Livroteca dos Seguros

Biblioteca da ASF – Autoridade de Supervisão de Seguros e Fundos de Pensão

História do Seguro

Regimento Sapadores Bombeiros – Câmara Municipal de Lisboa

Spain

Fundacion Mapfre

Corredor D’ Assegurances Ruiz

Vallvé Corredores de Seguros

Italy

Fondazioni Mansutti

Museo Paolo Raspino

Casari Assicura

Germany

Deustsher Feuer Versicherungs schilder Verein

United Kingdom

The Fire Mark Circle

Russia

Society: Общество любителей страховых древностей

Collector Dmitri Korneyev

American continent

United States of America

The Fire Marks Circle of the Americas

Argentina

Rádio Argentina – Tiempo de Seguros

Directors:
Marcelo Eduardo Deve
Fernando Tornato

Fundação Museo Argentino del Seguro

Brazil

Sincor – Sindicato de Empresários e Profissionais Autónomos da Corretagem e da Distribuição de Seguros do Estado de São Paulo

MAG – Seguros

Cuba

Seguros Cuba

Prof. Alejandro Vigil Iduate
Habana University of Law

Asian Continent

China

China Insurance Museum

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.

“ALLIANÇA MADEIRENSE”

“Alliança Madeirense Insurance Company” – Agent Mediation Contract

So, it was hired in 1964

ANUÁRIO DE SEGUROS, 1941

“Perspetivas para a Mediação” – Insurance Yearbook, 1941

History of Insurance

Insurance Chronology

From 1293 to 1998

1293

King 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

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.

1297

“Lay Confraternity of the Village of Beja”

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.”

1375-1380

King 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.

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 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.

1402

Sentence of the municipality of Oporto deciding to maintain the ships’ Exchange

1444

Royal letter mentioning the existence of a Stock Exchange at the municipality of Setúbal

1459

Royal decree obliging foreigners to contribute to the Bruges Portuguese Stock Exchange

1483

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 1472

1520

Arzila 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.

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

1529

Creation of the task of Scribe Insurance and appointment of Brás Eanes

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.

1552

“Tractatus de Assecurationibus et Sponsionibus Mercatorum” by Pedro de Santarém

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.

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.

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”.

1573

First 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.

1573

The 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.

1578

Creation of the office of Insurance Broker and appointment of Gaspar de Faria

1578-1580

The 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.

1592

Establishment 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.

1640

The 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.

1755

Destruction 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.

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.

The first document mentioning an insurance made in Lisbon is dated 6^th March 1573.

1^st December is a national holiday in Portugal.

On the 1^st November 1755, “Todos os Santos” day, around 9:30 a.m., Lisbon was devastated by a great earthquake.

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 17^th January 1757, the decree that limited interest rates to 5% per year.

There is unanimity between the authors of works on insurance history, that the oldest policy known in Portugal is dated 13^th November 1770, registered with number 11397, whose risk was a shipment of merchandise from Stockholm to Lisbon.