The Minneapolis journal., 1903-03-27
INSURANCE IN 1902.
Premiums Paid and Face Value Of.
Policies Broke All
Records.
More Burglary Insurance Was Writ
ten But the Burglary Losses
Decreased.

.sae1 O.. tt Z 4 ID sF
Il Premiums paid and face value of insur 4
ance in. Minnesota in 1902 broke all rec
aords. There was s16O,440.97S of old line 1
insurance in force, on which premiums
amounting to s5,727,955 were paid. The
increase in policies over 1901 was $14,-s
9Sl,S4 The report of Insurance Com I
missioner Dearth on the years business
will say in part: ~ -
i THE amount Of new business written
in Minnesota during 1902 by the old-line
companies, exclusive of Industrial busl-
ness. was $30,994,331, an increase over
that Of the previous year Of IS, 559 l63. The
total amount of Industrial risks written
during the year. 1902 was $3,273, 49S, an
increase over that Of 1901 by s330,011. AS
compared with the amount written during
the year 1900, or two years previous. the
Increase in this class Of business was
$631 1,323.; The total amount Of industrial
+ insurance outstanding in the state, as
OF; Dec. 81, 1902, was Sc, 215. 721. an, in
crease over that of the previous year of
$72S,161. ...s. .,. g.. f..
j. - Increase In Policies. =,
1.-The total number of policies in force
at the close of the year was 126,0SS, of
which number 46,912 represent Industrial
insurance The total premiums received
during 1902 in Minnesota. including in
dustrial business, amounted to- $5,727,-
955.11, an increase over the previous year
of $1.OO1, ,44IS0. Total losses incurred, in
Guiding industrial, were 81, ,545, 5,171.SS, ex-
ceeding those Of 1901 by $1,o42 sO6. 40.
1.-THE various companies transacting the
business of employers liability insurance
received on account Of premiums on the
business written in Minnesota for the year
1902 the sum of $685. as against $249,-
796 received ~ in 1901. Total losses in
CURED $1S7,767, against $137, ,769 during
previous year.
1.-The total amount of personal accident
n he
by joint stock casualty companies in the
state was $71 1,581, ,935. a net gain over the
previous year of 81, ,114.715. Total prem.
iums received were $293 1853, an increase
over 1901 Of s43.111 Losses incurred were
$121 ,393,~ exceeding those of the previous
year Q9OD by sa1,347. >@.":-. 7
THE total amount Of fidelity insurance
bonds issued in Minnesota during 1902 was
$47,234,376 an increase over that Of the
preceding year Of $13, 9O9, 2O9, exceeding
the gain realized by the companies in 1901
over the year preceding, or 1900, by near
ly $4,000, 900. The premiums received on
this class of business in the state in the
year 1902 amounted to $1S7.5S2, an in
crease over the receipts of the previous
year of $30.082. while the losses sustained
were 1885, all increase Of only $3.175
over the previous year, or net increase
in premium receipts Of nearly $4,000. The
average loss ratio to premium receipts
on this class of risks was only II per cent.
"The total amount of surety bond busi-
ness written was $11,313, 1856, an increase
over the underwriting Of the year preced-
ing of $63S.300. The total premium receipts
for surety bond contracts during the year
1902 were $45 103, exceeding the receipts
for the previous year by $3,397 Total
losses incurred were $10,6S4, as against
only $1,612 for the previous year., or an
increase of $9,072. The average loss ratio
to premium receipts was slightly under
"a per cent. ~--., .. s-.. ,-..~ Fl.
E~,y T.. Smaller Burglary Losses. -. .s25<s
"1The volume of burglary insurance
| written during the year 1902 amounted to
! IS. .439.906 exceeding that Of the previous
year in the state by. s1.53e,511. Total.
premiums received $37;67s, an Increase
| over the previous year of $6,105. Losses
| incurred. s4,717. a decrease, as compared
| with 1901, Of $11,74O. ''
THE gross amount of all Minnesota
risks written by the above classes of COM
| panles was $147,426,791, exceeding the
gross amount for the previous year by s2l,
! 339. 55S. Total premium receipts, 81, ,O32,-
OF, exceeding9those Of the previous year
| by $213.991. Total losses incurred, 1885,
o41, net increase of s71,OsS over those
| of 1901. -.= Il -.-., -
FraternaI Orders Lead.
| "The societies transacting the business
| of Insurance upon the fraternal plan in
| creased their outstanding insurance to
the amount of over SIG, 6,OOO 900, the exact
figures being s16,71s,40O, exceeding by
nearly $4,000. 900 the net increase realized
by the legal reserve companies. The total
| membership. number of policies in
| force. at the close of the year 1902 was
134,54S, as against 119,36O at the close of
| the previous year. .'+t.
| 1.-THE total premiums or assessments, in
| Guiding dues, membership fees, etc, col
lected from the members of these So
cieties in Minnesota. during the year 1902
were $1,371,2 ,249.95,. exceeding the receipts
Of the previous year by s116,527.2S. Total
| losses incurred during 1902 were $S37,-
49, exceeding the losses incurred dur
ing 1901 by $50, ,699.46. The excess of pre-
MUM payments in 1902 over the amount
of losses incurred was S497, ,353.06 ~ De-
Quoting from this sum the item Of man
agement expenses, but a very small sum
is left to apply towards the accumulation
| of reserve" .u1.-,. -
The report shows that seven companies
of other states were admitted to do busi-
ness in Minnesota last year, and that four
new Minnesota. companies were organ.
Eized for business. fz@.s'E.- p. - zaS+S !.
! There was a net decrease of five COM
panies operating III the state last year as
against a decrease of fourteen during
1901. % e -. T.. t@ =
Il