New-York tribune., 1880-02-22
FIRE INSURANCE BUSINESS.

FlRE INSURANCE DCSlNISC'0'
IMPROVED CONDITION OF THE COMPANIES Al THE
CLOSE OF lS79-ADDREss TO THE TARIFF
ASSOCIATION.
The annual report of the State superintendent VI
Insurance is regarded by fire insurance men as more
favorable in its showing than had been antlci-
mated. The condition of the companies at the close
OF the first six months of 1879 was bad but the
business of the last halfyear had left them IN much
better condition The president of a prominent
company said yesterday that on July l. 1917 ni'
company was behind nearly $4,000 but that AZ tne
close of the year it had made mp tins dencleDcS anu
earned a considerable amount besides lie eA-
pressed the opinion that most of the companies hau
met with similar experience. In general the cohu'
ton of the companies better by more thah
81 600. 900 than on July 1. The cause oil the uin
culties in fire underwriting was the low faIes 3, az
which the business was done. No provision was
made for the large fires which occurred pcrlod'caY
The fires in January, 1879 had swept away Oyer %
So 600 600, more than the entire premiums %, oh
city The effect of those fires had been felt throueh
out the year. and some of the companies nau hoV
fully recovered from the losses then incurred -
Tho Broadway fire on Friday added force 10 tne
reasons which had lead TO The establishment of
Tariff ASSOCIATION Al recent meeting o ne ne aSo ~
citation it was agreed that the report OF the COM
mittce providing regulations ana Tatts, 'en'Ies
and commissions should he submitted, with an ap-
propriate address TO the fire insurance companies
Of the city. In this address. which Will oe ssueu
on Tuesday, ii is claimed on the part oi 'no 'o'N
panes that:
The cost OF insuring be accurately aSceItalncu
only nv the results the business 10 the dEgicGc
ranies. Insurance companies DO pot sr n,,I nrmC
or other tangible property of which the cost oI pr
tun NAV he easily and definitely known bN cac "ehic
m H. Their business to issue guarantees hat lnV par
tes VINO hold them shall IN the event Oi d'sasei NV
re be saved from less 10 the extent poVded IO III VI"
guarantee.
The costs to the companies of these guarantees une
I'm d Gercn wears and in relation 10 dncreni r0mle'
AZ IL inprrnt times The hazards constantly chane'
ing being in some respects improved aud III more
serons rrsprcts becoming worse To all rejecting IN
derwrtcrs these facts clearly demonstrate the prop ~
and necessity Of common and Constant con- Nul o VI
eynerencp IN respect to many different hazards cN
.iing to he end lust rates may be asctflaInu
and charged and that these charges should htiuu' III
expecatOn OF a great COufagratlOn ana lurnisn -Io"
! ING ability to meet the claims upon thc cHnp"uiPtS P
! which such calamity will bring. Is believed hy Tue
committee to he as certainly uu1y 10 pOHoD -"
II evidently l. to stockholders -, .. ,
The regulations adopted are such as VIII pru't dil
one whose acquaintance with The business i
intimate enable him 20 appreciate thc lihpo''''"C'
| O in the measures thhS pIopoN'I
While radical changes i'll regulations cannot ne
made vii hOut consideration and d"cded pftp0hCii
apce OF votes IN their favor. provision Is 'dc LOT l
needed reforms and for meeting uureasohan' ana ul
wise competiOn, when that competition ls ny maui
ouafc rceS instead Of ny comparison ol cohNclEaN'
Excellence and fair dealing. II Is not suggested tha W
ali respects the regulations adopted are sans lactON ~
| each individual. The end far attained mas ht'h
ny 'sstriiN iduc,
The exisug condition of sac business IS to result III il
ing Stockholders with their unsatisfactory insurance
investments and company after company r'ulus lIol
thp husiuess aud thus further diminishing the insurance
| captal protection TO the citizens Of New-lofA.