The Portland daily press., 1893-07-25
FIRE AND MARINE INSURANCE.
The Maine Commissioners Report Con-
corning 1t.

AUGUSTA, July "a. The4fire and ma
rine portions of the insurance commits
sioner's report are now III the hands of
the binders.
The insurance commissioner notes the
fact that the State of Maine is not well
supplied with home fire companies.
While we have two stock marine compa-
MES that are doing a nice business, we
have not one stock fire company doing
business under Maine charter The
small state of New Hampshire has three
vigorous stock fire companies that are
admitted to do business in Maine, and
most states the size of Maine have one or
more such companies. Our mutual fire
companies are all small ones One only
does general agency business and, with
the exception of half-dozen, they con-
fine their operations to the towns where
located.
Four new mutual fire companies have
been organized since the last report. The
jefferson of Jefferson, the SWANS Island
of SWANS Island, the Freeport and Var
mouth of Freeport and the Citizens of
Bristol.
The amount of fire insurance of record
written in Maine for the year 1892 is sum-
married. as follows:
Companies of other states and
countries. ..$103. 99S, 7.51
Maine MutualS.. 2,I72,62l.Oo
Special brokers. ....-....... ll5,ooo.0o
Total. ........... $1O6, III, 848.51
This total is So, O65, 1896. "a in excess of
the amount written in the state in 1891 as
returned to this department, and the
largest amount ever written i'll Maine by
authorized companies in any one year.
AS indicative of the growth of fire in
surance in Maine, the report gives the
business transacted by foreign compa-
MES in the state, by years, from 1870 to
1892, inclusive. This shows that in 1870
the risks written we're $51, 132, 800; pre-
miums received, $574,s75; losses paid,
$44S, Oil; average premium, l. per
cent; losses to premium, .76.1S per cent
In 1892, the risks written amounted to
$103, 1888, 227; premiums received, 81 ,42S.-
592; losses paid, 1858, 1868; average pre-
MUM, 1877 per cent; losses to premium.
66.74.
It will be seen by the foregoing that
the volume of business written by COM
panies of other states iand countries was
little more than double in 1892 that
written by them in 1870.
L
paid have more than kept pace with the
business written, and that last year it
reached nearly million dollars, larger
sum than has ever before been paid in
one year, with the single exception of
the year 1886, that Of the PASSPORT, Farm
ton and Boothbay CONGREGATIONS. when
the million figure was exceeded by near
" 100000. But this sum of
$685.. 1858. 81 of losses paid does
not represent the full amount of
actual loss to the companies. By reason
of the extraordinary December losses
which were not fully adjusted before
the close of the year, the losses incur
red by those companies for the year ex
ceeded the losses paid, by $4,000 and
reached the very large sum of $1,045, 900
in round numbers, slightly exceeding
even the losses incurred in the disastrous
year of 1885.
The marine and inland insurance of
record written in Maine in,1S92 amounted
to $9,791, 1854, of which, S8,567,S94 was
written by Maine companies, and ST.
223. TO by companies of other states and
countries. This shows a loss of 1927, 1876
as compared with the amount written in
1891 and of 1898, 461 as compared with
$780, The ratio Of losses to premiums
on marine insurance for 1892 was 70.78
per cent against So. 43 per cent in 1891.
1t appears that the sLloyds," both
fire and marine are doing an increasing
business in Maine and there seems to be
no good reason why these organizations
should not be recognized by our laws and
annual returns of their business and
standing be required for publication.
These companies seek the patronage of
the public and the public have right to
information of their business methods
and standing.