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A little Mexican insurance history in honor of Cinco de Mayo

A little piece of interesting history involving Mexico was that the first modern form of insurance created was in Mexico in the 19th century. Mexican miners were facing significant risks because of their profession and working in the mines. They wanted to find a way to protect themselves and create a safeguard if something happened to them. As a solution, they created "Mutualistas", which were mutual aid societies that operated as a form of insurance. Members of the Mutualistas would contribute to a single collective fund. If a member of the societies got sick, injured or passed away, that fund would provide compensation to support the families of the deceased, or to help with the care of the sick or injured.

The societies played a pivotal role in the development of the insurance industry in the entire world; their principles shaped the creation of modern insurance policies and practices. The notion of pooling resources to provide financial protection in times of need has developed and grown into the multiple forms of insurance we know today.

Mexico's historical benefaction to the creation of mutual aid societies exhibits the importance of community support and financial safeguard, which are the core principles of insurance worldwide.



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