This Day in Business History: The Invention of Multiline Insurance

insurance co of north americaSeptember 12, 1950: The Pennsylvania Insurance Department approves the Insurance Company of North America’s request to go to market with a new “package” that allowed homeowners to insure their properties against multiple risks including fire, theft, storms, explosions, and vandalism, rather than the multiple policies required previously. This innovation saved customers over 20% and has become the standard in the insurance business.

Source: Library of Congress