Business Achievements
After the Great Fire of 1666, Yardley Barbon led speculative property construction in London as the leading builder. He quickly demolished and rebuilt Bloomsbury, Holborn, and Westminster streets and squares to maximise returns.
He started the Insurance Office for Houses in 1680–81, which was the first organised way for people in England to get fire insurance. He turned the risk of urban fires into a steady stream of income by setting prices based on actuarial considerations.
Barbon helped start Britain’s first Land Bank in 1690. This was the first time that mortgages were used to support loans, which directly challenged the Bank of England’s financial power. Even though the institution didn’t last long, it showed that he could come up with new ideas at the crossroads of property and finance.
As a political entrepreneur, he wrote important pamphlets about trade, coins, and rent that went against the Mercantilist ideas of the day. He was elected to Parliament for Bramber in 1690 and 1695. He used his power as a legislator to defend and grow his businesses.
Keys to Success
Yardley Barbon was successful because he had great vision and timing. He saw a unique chance in the city’s urgent need to rebuild. His willingness to work around and sometimes break rigorous building rules allowed him to grow quickly ahead of his competition.
He had an incredible appetite for risk, turning daily dangers, especially city fires, into money through early insurance. This ability to find weaknesses in systems and turn them into valuable services was the basis for his financial innovation.
Diversification was a key part of his plan. By working in building, insurance, banking, and politics, he protected his businesses from downturns in any one of those areas and built a large network of influence.
Finally, his thought leadership in pamphlets and parliament solidified his reputation and ability to influence regulatory regimes.
Family and Wider Network
Yardley Barbon was the son of Praise-God Barbon, a popular Puritan notable for his religious writings and unique name. While his father was well-known in Puritan circles, Yardley was the most successful businessman and politician in his family.
FAQ
Who was Yardley Barbon?
Yardley Barbon was an English doctor in the 17th century who became a property developer and a financial entrepreneur. After the Great Fire of 1666, he became London’s best builder. He later started the first fire insurance and mortgage banking companies and was also a member of Parliament.
What major ventures did Yardley Barbon pioneer?
He was in charge of big speculative property development, started England’s first fire insurance office, helped start Britain’s first Land Bank, and wrote economic pamphlets that had an impact on policy during the Restoration period.
Why was Yardley Barbon’s approach to risk management innovative?
He used actuarial pricing to figure out how much it would cost to insure homes against fire by starting the Insurance Office for Houses. This made terrible fires an insurable event, dispersing possible losses among policyholders and coming up with a new way to make money.
Are there other notable members in the Barbon family?
While his father, Praise-God Barbon, was a prominent Puritan clergyman, no other relative reached Yardley Barbon’s degree of success in commerce or politics.
