Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1903-01-10
FIRE LOSS FOR YEAR
~GRATIFYINGLY LESS
Total for the United States ana
Canada Amounted to
las ,26O, $50.
INAusPIcIoUS BEGINNING
Many Companies R%einsured Risks Dur
ing First Half of the Ysar-2,&oo
Fires Of Greater Loss Than
$1,000.

New York. Jan. 3-The fire loss In the
United States and Canada for the year
1902 amounted to $149, $50, $50.
This is gratifyingly less than the fig
ures of 1901. of 1854, S47. 450, and In 1900
! OF $1S3, 1862, $50. During the entire year
Of 1902 there were 2.400 fires OF greater
destructiveness each than 81, 1000.
The year 1902 opened inauspiciously
and promised the greatest fire loss ever
recorded. Many companies educe
| their lines or reinsured part OF their
risks during the first half year. But
the latter half vas a period Of remark
ably small losses. so small that the year
as q whole shows a good profit account
for the companies. Losses OF S136, 0O0,-
900 In 1899, s163. 600, 900 in 1900 and 1861
coo, 900 in 1901, caused the insurance
people to exact a raise OF 20 per cent
east of the Rocky mountains. with
this immense increase In revenues, n
with a drop of almost III per cent in the
losses for 1902. as compared to 1901, the
companies are able to show a profit In
most cases.
Western States Show Profit.
Western states as a rule will show a
profit as the result OF the operations in
1902. Rates have been constantly
changed on account Of new schedules
and the fiat advances, n only recent
Iy has there been an organized attempt
to push to completion the various
schedules. Underwriters look for con-
siderable legislation In the state during
1903. Among the measures threatened
are anti-compact, anti-coinsurance and
valued policy laws.
The first six months In Indiana In
dicated heavy losses but the latter half
Of the year left a profit on the year.
Fires have been numerous n heavy
In Ohio, n the state Will either show
a loss or break about even as a result
Of the years work. But in past years
Its loss ratio a been high and com
panies were confronted with continual
drains. The anti-coinsurance law was
repealed last spring and 1t is now OPP
.ional. While many companies take
the position that this is one OF the basic
principles In fire underwriting, they are
not at all unanimous In demanding 1t
IN the risks they write.
Rates Advanced in Michigan.
Michigan rates are made through the
Michigan inspection bureau, main
tanned by companies under the statutes.
Several years ago at the demand of one
IF the state commissioners the rates
we're lowered, and last yea with the
consent Of his successor In office, they
were advanced to cover the heavy
.osses. Latterly the advance has been
removed from fifth and sixth class
Wisconsin will show a fair profit for
1902. Under the state laws local agents
make the rates, and the plan is said
o be satisfactory. Where anti-com-
pact laws prevail the Wisconsin plan
of ratemaking Is being offered rs a
substitute. Considerable competition
developed In the state and the = per
scnt advance was r~esCinded.
The three states, Minnesota, North
md South Dakota, are under the juris-
LECTION OF the Minnesota and Dakota
Fire Underwriters. an organization OF
special agents. Minnesota Will UNI
ioubtedly show a small profit for 1902,
md possibly the Dakotas may also.
North Dakota has a a record, al
.hough a few companies manage to
show a regular profit.
Profit in Iowa Small.
Iowa was visited by a number Of Sc
yere fires in 1902 and for the agency
companies nay show the barest margin
IF profit. 1t Is peculiar In having a
arge number Of local companies that
Command a considerable amount of de-
,irable business and profit by 1t. Rating
s done through an Independent bureau.
rhe state has an anti-compact law,
ut under a recent decision In b
"A it is believed TO be unconstitutional
md in a humble of places local agents
AVE formed clubs for their own prctec-
ion to prevent raids on the so-called
preferred business.
Nebraska as a rule produces n profit
or fire underwriters and 1902 will prove
10, exception. The loss record OF Oma-
Ia, its chief city, is still low, after hav-
ng been excessively high for a long
0eriOd.