The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-27
INSURANCE BUSINESS
IN MINNESOTA
INCREASES
Commissioner Dearth in An
nual Report Shows That
Both Old Line Companies
and Fraternal Societies
Have Record Breaking
Year-The Latter Gain
Over Former.

Insurance Commissioner Dearth. in
the advance sheets of his annual re-
port, asserts that all previous years
records of insurance business in Min
nessota have been made to appear most
as compared with that OF
1902.
Nothing more clearly indicates, ac-
cording to the commissioner, the finan-
cial prosperity of the citizens of the
state than the policy registers of the
insurance corporations.
Citizens of Minnesota paid to old line
insurance companies during 1902
to $160,440,978. The in
crease in old line insurance amounted
to $14, 9S1 ,S46 over 1901.
The report says in part:
THE amount of new business writ
ten in Minnesota during 1902 by old
line companies, exclusive of industrial
business, was $4,000, 331, an increase
over that of the previous year of
s., 59,163 The total amount of in
dustrial risks written during the year
1902 was $3,273,493. an increase over
that of 1901 of $330,011. As compared
with the amount written during the
year 1900, or two years previous, the
increase in this class of business was
$637,323. The total amount of indus
trial insurance outstanding in the
state, as of Dec. 81, 1902, was $6,215,-
721, an increase over that of the pre-
vious year of 1928, 161.
Policies Increase.
THE total number of policies in
force at the close of the year was 1876
08S, of which number 1922 represent
industrial insurance. The total pre-
miums received during 1902 in Mime
sofa, including industrial business
amounted to $5,727,955.11, an increase
over the previous year of $1,001, 441.80
Total losses incurred, including indus
trial, were $2,545, Hiss. exceeding
those of 1901 by $1,042, 906.40. In addi-
ton to the actual amount of losses Sus-
tanned there were total payments or
account of matured endowments, an
nuties, dividends, etc, to the Mime
sofa policy holders Of several hundred
thousand dollars.
The various companies transacting
the business of employers liability in
surance received on account of pre-.
1niufrfs on tife@bHsiiless written in Min
nesQta for the year 1902 the sum OF
1887, 919, as against $249,796 received il
1901 Totaf losses incurred, $187, 1857
as against $1S176s during previous
year.
80 The total amount of personal acct
dent insurance written during the year
1902 by joint stock casualty companies
in the state was $71.581,935, a net gain
over the previous year of $4.114,715
Total premiums received were 1928, 1853
an increase over 1901 of $43, Ill. Losses
Incurred were 1921, 1893, exceeding those
of the previous year Q901) by $21 BAT
The ratio of losses to premium receipts
was ~ per cent, which indicates a very
substantial profit on this class of I'M
derWriting.
Fidelity Insurance Gains.
. 1.-THE total amount of fidelity insur-
ance bonds issued in Minnesota during
1902 was $47,234,3 76, an increase over
that of the preceding year of $780,
2O9, exceeding the gain realized by tbs
companies in 1901 over the year pre-
ceding, or 1900, by nearly $4,000, 900
The premiums received on this class OF
business in the state during the year
1902 amounted to $187,582 an increase
over the receipts of the previous year
of $3O,0S2, while the losses sustained
were 1886, an increase of only $3,17;
over the previous year, or a net in
crease in premium receipts of nearly
$4,000. The average loss ratio to pre-
MUM receipts on this class of risks
was only II per cent. This exceeding
ly small loss ratio Indicates a very
high moral standard on the part OF
those whose honesty and fidelity is
ehus insured, or rather guaranteed.
THE total amount of surety bono
business written was 81, 313,735, an in
crease over the underwriting of the
year preceding of $63S,3OO. The tota
premium receipts for surety bond con
tracts during the year 1902 were S45,-
103, exceeding the receipts for the pre-
vious year by $3,397. Total losses in
CURED were $10,6S4, as against only
$1,612 for the previous year, or an in.
crease of $9,072. The average loss ratic
to premium receipts was slightly unde,
"a per cent.
Burglary Losses Decrease.
'"The volume of burglary insurance
written during the year 1902 amounted
to $5,439,906, exceeding that of the
previous year in the state by $685.
511. Total premiums received $37,67S
an increase over the previous year o.
$6,105. Losses incurred, $4,717, a de-
crease, as compared with 1901, of SILL.
740. Taking into consideration the fac
that the volume of business writer
was an amount exceeding $1,000, 00(
over that of the previous year, the loss
ratio is somewhat remarkable, same
being only 13 per cent of the premium
receipts.
THE gross amount of all Minnesota
risks written by the above classes OF
companies was $147, 426,791, exceeding
the gross amount for the previous year
by $21,339, 553. Total premium receipts
$1,032,017, exceeding those of the pre-
vious year by $213,991. Total losses in
CURED, $3S6,041, net increase of ST.
0SS over those of 1901. The total loss
ratio to total premium receipts on all
the various classes of risks included
in the foregoing summary was only
about % per cent, which certainly in
dicates a most satisfactory margin OF
profit.
Fraternal Orders Ahead.
1.-The societies transacting the bust
ness of insurance upon the fraternal
plan increased their outstanding in
surance to the amount of over SIG ,OO0,-
600, the exact figures being SIS, Ills, 400
exceeding by nearly 100000 the net
increase realized by the legal reserve
companies. The total membership, or
number of policies in force, at the close
of the year 1902 was 1874, 54S, as against
1880 at the close of the previous
year.
The total premiums or assessments
including dues, membership fees, etc.
collected from the members of these
societies in Minnesota during the year
1902 We're $1,371.2S4.95, exceeding the
receipts of the previous year by $116,-
SIPS. Total losses incurred during
1902 were $S73,94IS9, exceeding the
losses incurred during 1901 by $780,
699.46. The excess of premium pay
ments in 1902 over the amount of
losses incurred was $497,35306 De-
Quoting from this sum the item of
management expenses, but a very small
amount is left to apply towards the &C,
emulation Of a reserve"