The Republican journal., 1903-07-23
MAINE INSURANCE.

Figures from Commissioners Report Show
More Prosperous Year for Home and
Foreign Companies.
The 35th annual report of State insur-
ance commissioner Stephen W. Carr has
been made public. The risks written by
fire insurance companies of other States
and counties on Maine property and re-
ported to the department for 1902
amounted to S137,226, 331.0S and are,
81, 657, Gill less than the amount writ
ten during the year preceding.
The year 1902 was not, however, an
improbable one for the insurance COM
panies in Maine as the premiums col
lected in this State aggregate $2,Ol2, $685.
26, an increase of S166, 590.62, while the
losses incurred during the same period
amounted to 81 1854, 423.0S, a decrease OF
S21S, LOG over the losses of the year
preceding, reducing the percentage OF
losses paid to premiums received from
70. "a percent in 1901 to 56.05 in 1902, thus
reducing heavy loss to a small margin
of profit, it being generally conceded
that about 40 percent of the premiums
are required for the payment OF commits
sions and the expenses incident to the
| business.
The total of the risks written by the
companies of other States and countries,
bv the Maine mutual companies and
, special brokers amounted to S144, 423,
O77.Os. The total premiums received in
1902 were S2,O72, 39S.63 and the total
losses paid 81, ia, 503.21.
Licenses have been granted to 142
companies and 3S40 nearly 5000 agents.
The total amount of fees received from
life insurance companies amounted to
SIG. 694. 80. The tax assessed on insurance
companies on business OF 1902 and pay
able during 1903 amounts to SS!, s33.Sl.
This is sharp contrast to the total re-
ceipts in 1885, when the total receipts
were only SIS, G09.9o.
Five fire and one life insurance COM
panv discontinued during the year.
The aggregate capital Of the live in
slrance companies which Withdrew is
s.. $50. 900, while the capital of the only
company admitted is 5000, 900, leaving
a loss to the State of more than mil
lion and a quarter dollars in the for
eipn capital upon which Maine people
are dependant for their fire insurance
indemnity.
The decrease shown in the amount OF
new life insurance written during the
wear in this State by the old line or level
premium companies may be attributed
to the change in the method of report,
ing such business-only that which had
actually been paid for December 81 be,
ing accepted by the department, instead
of the gross amount written during the
wear as. heretofore, all the companies be-
ing required to report this item on net
instead of gross basis, thus eliminat-
ing all not taken policies issued during
the closing months of the year.
This department also has charge OF
the investigation of fires OF an lncen-
diary or unknown origin in the interest
of insurance companies as whole.
There were 1907 fires during the year,
nearly 400 of which were caused by de-
fectiye chimneys. The total amount OF
insurance was $5,777, 100, and OF this
sum the amount paid was $1.094. s2s. 1t
was in 1895 that the act empowering the
insurance commissioner to Investigate
suspicious fires went into effect and
during that year s.64 percent OF the fires
we're of incendiary origin and 80. "a per
cent unknown. In the year 1902 1.79
percent of the fires were of incendlary
origin and 1910 unknown, showing the
beneficial effects of the official lnvestl-
cation.