Insurance Sector in Chios in 19th Century

Abstract

According to some sources, Chios Island is the first place where insurance business entered the Ottoman Empire. According to archive sources, many insurance companies operated in Chios during the 19th century. Companies based in Austria, England, France, Greece and Romania competed in the field of insurance. For many years, the company named DýoAderfés carried out insurance transactions on the island without obtaining a license from the Ottoman government.The Ottoman Government made great efforts to control foreign companies. An internal regulation has been prepared to resolve this issue on legal grounds. However, the regulation could not be implemented due to capitulations. In 1891, the first insurance company, Les DeuxSoeurs, based in Chios, was established under Ottoman law. However, it was understood that this company is a continuation of the previous one and only changed its name. The government sent a notification to Chios, as in all cities, and asked them to prefer the Ottoman Insurance Company in their insurance transactions. In this research, the issue of insurance companies in Chios was addressed and the competition between them was emphasized.