The Volgograd Regional Museum of Local History houses several items which were connected with the “First Russian Insurance Society” — a policy for 1914, a provisional certificate for property fire insurance for 1917, and also a stamp with the name of the organization and the year of its foundation.
When the company was founded in 1827 it was called the “Russian Fire Insurance Society” and had a registered capital of 4 million rubles, which was divided into 10,000 registered shares. About 300 people, mainly merchants, expressed a desire to acquire them.
Business was immediately successful. Over the 20 “monopoly” years, the company insured over 500 thousand buildings, which were valued at 1.7 billion rubles, and paid out about 6 million in dividends to its shareholders. They ranged from 40% to 50% per annum. The share price went up from 57 rubles 14 kopecks in 1827 to 600 rubles in 1850.
Having one’s house insured was not only an indicator of civilized attitudes among the wealthy of the two capitals, but it was also a sign of good manners. The First Society’s credibility was also enhanced by the high level of management. In terms of personnel policy, the emphasis was on the native Russians. In the eyes of ordinary people, this served as additional advertising.
At the end of the 19th century, the range of operations of the First Society was widened to include accident insurance and insurance of valuables that were transported by post. As a result, the original name was also slightly changed.
In 1902, the organization celebrated its 75th anniversary. The jubilee celebrations were attended by some 300 people — practically the entire elite of Russia’s commercial and industrial world. The society received congratulations from Minister of Internal Affairs Vyacheslav Konstantinovich Pleve and Minister of Finance Sergey Yulievich Witte, as well as from the chairmen of the St Petersburg and Moscow Exchange Committees.
Up until the revolution, the “First Russian Insurance Company” was one of the top five insurance companies and maintained its position during the First World War. There was also a branch in Tsaritsyn. It was abolished in 1918.
When the company was founded in 1827 it was called the “Russian Fire Insurance Society” and had a registered capital of 4 million rubles, which was divided into 10,000 registered shares. About 300 people, mainly merchants, expressed a desire to acquire them.
Business was immediately successful. Over the 20 “monopoly” years, the company insured over 500 thousand buildings, which were valued at 1.7 billion rubles, and paid out about 6 million in dividends to its shareholders. They ranged from 40% to 50% per annum. The share price went up from 57 rubles 14 kopecks in 1827 to 600 rubles in 1850.
Having one’s house insured was not only an indicator of civilized attitudes among the wealthy of the two capitals, but it was also a sign of good manners. The First Society’s credibility was also enhanced by the high level of management. In terms of personnel policy, the emphasis was on the native Russians. In the eyes of ordinary people, this served as additional advertising.
At the end of the 19th century, the range of operations of the First Society was widened to include accident insurance and insurance of valuables that were transported by post. As a result, the original name was also slightly changed.
In 1902, the organization celebrated its 75th anniversary. The jubilee celebrations were attended by some 300 people — practically the entire elite of Russia’s commercial and industrial world. The society received congratulations from Minister of Internal Affairs Vyacheslav Konstantinovich Pleve and Minister of Finance Sergey Yulievich Witte, as well as from the chairmen of the St Petersburg and Moscow Exchange Committees.
Up until the revolution, the “First Russian Insurance Company” was one of the top five insurance companies and maintained its position during the First World War. There was also a branch in Tsaritsyn. It was abolished in 1918.
