Nicholas Barbon, widely considered the founder of fire insurance, had studied medicine at the University of Leiden, received his M.D. at Utrecht in 1661, and became an honorary fellow of the College of Physicians in 1664.

The considerable part that he took in the rebuilding of London after the Great Fire of 1666 had apparently roused his interest in selling fire insurance, and about 1680 he set up an office in London for that purpose.

Barbon's writings on economics to some extent anticipate the conclusions of Adam Smith on the division of labor and the theory of currency as expounded by David Ricardo.

His works include Apology for the Builder; or, A Discourse Showing the Cause and Effects of the Increase of Building (1685) and A Discourse of Trade (1690).