Slave-era insurance policies were financial instruments established during the 18th and 19th centuries in the United States to insure enslaved individuals. These policies treated enslaved people as property, providing compensation to slaveholders for their financial losses in cases of death, injury, or escape. Today, these records are significant for understanding the economic systems that supported slavery, as well as for genealogical research and reparations efforts.
Formerly Nautilus Insurance Company
Years Active: 1845–1848.
Total Claims Paid: Estimated at $50,000 (approximately $1.7 million today).
Status Today: Still in business as New York Life Insurance Company.
Years Active: Mid-1800s.
Total Claims Paid: Estimated at several hundred policies valued in the tens of thousands of dollars.
Status Today: Still in business as Aetna Inc., now part of CVS Health.
Formerly Nautilus Insurance Company
Years Active: 1845–1848.
Total Claims Paid: Estimated at $50,000 (approximately $1.7 million today).
Status Today: Still in business as New York Life Insurance Company.
Years Active: Mid-1800s.
Total Claims Paid: Estimated at several hundred policies valued in the tens of thousands of dollars.
Status Today: Still in business as Aetna Inc., now part of CVS Health.
Years Active: 1830s–1865.
Total Claims Paid: Estimated in the thousands, specific totals unknown due to incomplete records.
Status Today: Still in business as The Hartford Financial Services Group.
Years Active: 1843–1861.
Total Claims Paid: Policies worth thousands of dollars, particularly for skilled laborers and domestic workers.
Status Today: Merged into AXA Equitable Life Insurance Company, now Equitable Holdings.
Years Active: 1830s–1865.
Total Claims Paid: Estimated in the thousands, specific totals unknown due to incomplete records.
Status Today: Still in business as The Hartford Financial Services Group.
Years Active: 1843–1861.
Total Claims Paid: Policies worth thousands of dollars, particularly for skilled laborers and domestic workers.
Status Today: Merged into AXA Equitable Life Insurance Company, now Equitable Holdings.
Combined payments across companies are estimated to exceed $200,000 (approximately $6.5 million today when adjusted for inflation).
Enslaved individuals were considered property and could be insured against risks such as:
Death due to accidents or illness.
Injuries sustained during labor.
Runaway losses.
Policies functioned similarly to life insurance but treated enslaved people as assets.
Policies were legally enforceable contracts, treating enslaved individuals as insurable property.
Courts upheld disputes over policies, strengthening the economic infrastructure of slavery.
The use of insurance policies to cover enslaved individuals emerged during the expansion of the transatlantic slave trade and the growth of plantation economies in the Americas. By the late 1700s, enslaved labor was central to industries such as agriculture, mining, and railroads, prompting slaveholders to seek ways to safeguard their financial investments.
Enslaved individuals were appraised based on age, gender, skills, and physical health.
Enslaved labor was essential for industries like agriculture, manufacturing, and transportation.
Valuation of enslaved individuals based on age, skills, and health. physical health.
Claims paid to owners upon an enslaved person’s death or disability.
Policies specifying work-related hazards, especially in dangerous industries like railroads or mining.
Corporate Accountability:
Several insurance companies have acknowledged their role and made public apologies, while others have supported research efforts and genealogical projects.
Legislative Action:
Laws in California and Illinois mandate disclosures of historical policies related to slavery.
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