The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-05-02
INSURANCE. RATES ACArx.

INSURANCE. RATES AGAIN.
Taken In connection with the fact that
the fire insurance conn. Anies doing bus
mess in the state have inaugurated
plans 70 resuryey this city for the pur-
pose Ut rsadjusting rates. and II being
announced that an increase In rates Is
not an unlikely contingency, glance
over the last report Of the state insur-
ance commissioner viii not prove unin-
teresting.
From this report we learn that for
the eight years beginning with 1880 and
ending with 1897. the total amount of
premiums paid 10 fire insurance COM
panies In this state was SIC. 1864. In
the same period. the fire insurance COM
psnies paid losses In the state amount
ing In all to $5.sel,s7s. In other words.
the people OF the state OF Washington
during the eight years ending January
81, 1887. have paid in premiums Nsi3.-
OILS In excess Of the losses incurred and
paid. One would imagine this To be
fairly remunerative business, but Ii
seems that 4. does not meet the expec-
tations Of the insurance companies, or
they would be contented to struggle
along under their present burden Of
profits without saying a word about In
creassng rates
The ratio Of losses appears to have
been decreasing right along and the
year 1897. which Is the latest OF which
We have a full record, makes the fol-
lowing very nast~ring showing: Total
premiums collected. s, 2oa. os5 Sc: total
losses paid. siss, is5.ss: balance in favor
OF the companies. $751;. s7o.ss. being a
gross profit ef 81 per cent The state IN
suranee commissioner, in congratuiating
the companies upon the splendid show
Ing made for 1897. intimates that 1893
made a ssill better showing.
II must not be forgotten. however.
that when facts like these are present
so the Insurance companies at once ex-
cuse themselves for charging their out
regeoas rates by declaring that IL costs
| them an enormous amount to do bust
ness. Every one knows that the sa.a-
Fies paid agents is uniform commits
sion Of Is per cent, OF the amounts col
lected. This is rot q very heavy tax
| upon she companies. and yet they try
| 20 tell the public that IL cots them IS
| ger cent. ~ their gross premium 10 do
! business, II thss Is true II would mean
| that in 1927 the fire insurance carnpanis =
| icing business IN iass state paid in Ore
| losses ssss ses as and almost exactly the
| same amount for salaries and eourals-
| slons. out II total ~ s.. eos .oGz SIS. II
wtli tax tbs creaalgty of The marines 10
I believe this bur. even If I; were true. the
i conspanios tu-ak cat q tire state In clean
/ profit after paying ssxes amounting 20
| SIS So. the sum II stst zoe
1 To the people 81 this state, b1v.enei
! With excessive Insurance rates. IL rat
tiers stssie whether TIRE money paid in hy
/ thsna IS paid oat tn heavy dividends or
in heavy xalaxfss. The fact that most
/ attracts their attention IL that 81 The
/ amount q Tsinnsy demanded % seeEn In
Z premiums In 1881, So est ~ every sisa
eens lr,o THE rsaekess az shs Insurance
companies And yet we ar. th~saSeaei
WITH an iarrexse - these rates
II the Are Insurance companies r~r-
/ ssss II treating this state as an Grange