Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1900-03-05
INSURANCE IN MAINE
Commissioner Carr Issues Pre-
|iminary Report with Tables.
He Analyses the Great Bulk Of Bust
ness Of the Past Year.
Warns Pc ,p.e Against Wild Car, comuanie,
and Other Evils.

this he gives the entire findings of the
department for the year in all classes
of insurance. The returns received by
the department have been intalligently
summarized and placed in tablss to bring
out the full significance. Mr.. Carr
touches upon these n his preliminary
remarks to the report and it will save
the Journal from giving the tables in
detail, which would occupy more space
than can be spared.
This has been the greatest year in
the history Of this ever growing class
of business in Maine and the report is
an important one. The Journal has
previously given many of the figures
contained therein 50 they will not
greatly surprise anyone Of the readers,
though they did at the time presented
Later in the year the full report giving
the condition OF each company doing
BUSINESS in the State Will be given
In opening the report Mr.. Car. gives
the following figures and statements.
which are really complr;c analyses Of
the dilfercn; tables:
The fcas received ard paid to the
State treasurer during the year 1899
We're as follows:
For licenses to 1919 agents, at s. s.. f3S %
For licenses To ln companies, at
$50 ;:..............;:::......: ......... 3,i20OO
so ................ 10000
For license to l special broker,
at $40 ............................... 2OOO
Annual examination Of five COM
panies, At so .................... 10000
Filing annual statements, three
companies. at so .............. 5000
receipts ............ 29.2O
Total Observation-Disclosures. $l3l37 n
The risks written by fire insurance
of other states and countries
in Maine. and reported to this depart
ment. for the year ending December
31st, l. St aggregate $I29. 261 ,216 81 being
the largest amount ever written in this
State and an increase of $l0.279, 1875 80
over the amount written during the
previous year. which was the largest
on record. The premiums received on
the insurance written during 1899 We're
81, 7sS 24S. 99-an increase of $13S, S9736
over the business Of 1898.
The losses paid during 1899 We're
81 or 2GA which is $179, 1850 more
than the losses paid during the year
previous and is the largest in the his
tory of the State. with the single eX-
ception of the year 1SS6-When the Sc
we're connagrati0ns at PASSPORT and
Pennington brought the losses up to
81 .099. 514.25 ard required the companies
to pay $1O2 in losses for each 500 col
lected in premiums.
The losses incurred during 1899
amount TO $1.133S PIP showing an in
crease over the year previous Of S26i,-
1881.
The above figures. however. do not
fully represent the amount of fire in
surance business transacted in Maine
during the past year. Returns have
not Yet been received from many Of
the domestic mutual fire insurance
companies. which, during 1898, wrote
$t.3o4 .314.16 1t is presumed. however.
from the reports already filed that the
business transacted by this class Of
during 1899. will exceed
that Of the previous year.
Many of the manufacturing cStab-
lishmc hts in this State. are insured by
the owners direct in foreign mutual
commonly known as Mill
Mutuals." These corporations have no
agents or representatives in Maine:
pay no fees or taxes to the State and
make no report to this department.
There is. therefore. no means of aScer-
tanning the extent of their transac-
tons which are extensive and. if re-
ported. would materially swell the VOL
umc Of business shown by the foreign
figures.
The losses paid, during 1890 We're
so per cent. and the losses incurred
63 40 per cent. of the premiums received,
which is an increase of $50
per cent. and 1912 per cent.
over the business Of 1895
AS it is generally conceded that from
81 per cent. to 40 per cent of the prem
iumS are required to pay the agents
and other expenses Of
transacting the business. it will be
readily seen there has been no profit in
fire underwriting in Maine since the
advent of 1899, but ii is apparent from
an examination Of the returns received
at this office that the State of Maine
has not been the only Improbable field
of operation during the past year, and
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