Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-12-11

The Insurance commissioner of Massachusetts,
in view Of tue general unsettling of insurance
matters by the Chicago fire, has issued special
report to give the present standing of the com
panies doing business in this state. The whole
amount OF the losses by the Chicago calamity,
according to our commissioners estimate, is
less Than others have placed it.. Mayor Medill,
who makes it less than the earlier estimates,
fixes the amount of the entire loss at one hun
dIcd and fifty Millions Mr.. Clarke thinks it
falls little short of one hundred and forty
millions. OF this amount more than eighty
millions, fully sixty per cent of the whole, was
insured in nearly two hundred and sixty com
paDies three ourths Of all the insurance com
pani,s doing business in the United States. At
the date of the report, Dec. Sth, nearly sixty of
these companies have been forced into absolute
failure, while nearly as many more
have been obliged to adopt measures
for the immediate restoration of capital or
assets often reduced fan below the limit of SOL
yeucy. To meet the demand for the earliest re-
liable information Of the financial condition OF
the companies involved, the commissioner re-
quircd from each company doing business in
Massachusetts, sworn statement Of its gross
present assets and liabilities, with a separated
statement Of its losses at Chicago. One hun.
dred and five companies, more than half Of all
authorized to do business here, were among the
losers, Of which rwenty-three are home com
pauies. Theiriotal reported losses foot up near
ly twenty-five millions. The reports are net
yet entirely complete, though nearly all the
companies have made returns. Some of the
losses are estimated as nearly as possible, some
are based upon partial estimates, and in some
cases they are stated at the full amount insured
Three Massachusetts companies only suffered
to the extent Of insolvency, these We're the Hide
and Leather, Independent and New England
mutual marine, all Of Boston, whose losses were
s720000, 81 ,O52 600 and S95O,OOO respectively;
each of Jhcso LOST at Chicago more than its en-
tire assets. The other twenty Massachusetts
companies involved, lost various amounts, from
S2JCa The lowest, TO S450,OOGthe highest which
was the extent to which the Springfield ire and
marine company suffered. The four heaviest
losses were the companies Just mentioned, the
national, which lost 100000, the Peoples OF
This city which lost $500 900, and the Manuiac-
turers' whose losses amounted to Sl20,000 The
assets Of these companies, as well as of
others, which suffered less, still indicate
liberal ratios Of sarpIus, as regards poll
cy holders, which sufficiently guarantee the
security Of all present risks. In the whole
twenty companies the percentage of loss is only
1149 per cent. The losses Of other companies
doing business here are also given, with a list of
those which have suspended business and also
a fan list Of all, besides the home companies,
which are authorized to transact business in this
state. This list the commissioner offers to fur
nsh to any applicant who will enclose a stamp
for postage, A large amount of bogus insur-
ance, he says, is illegally effected within the state
in irresponsible companies, Or those which have
not passed the test OF a Massachusetts examina-
ton, and it is worth while for insurers to be
41,es. al