The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-01
PAST YEAR In INSURANCE
INDIANA FIRE AMI LIFE COMPANIES
MADE GOOD PROGRESS.
Indiana Legal Reserve Deposit Law
I'm Increasing FavOr-Business OF
1908 Larger than i'm 1902.

During 1902 the citizens Of Indiana, ac-
cording TO the annual report Of the state
insurance department, paid out SIS, S44.S42
for insurance TO stock and legal reserve In
surance companies, besides several millions
more TO fraternal benefit orders. assessment
companies and county and township mu-
tuals. over 100000 was paid out in pre-
premiums for fire insurance in stock COM
panies. over $4,000 in old-line life insur-
ance, and about thr~ee-quarters of a million
for the various other forms of insurance
furnished by stock companies.
Great as are the foregoing figures, the
results for 1903 will show a material increase
in all lines. More and more insurance. or
the assurance Of indemnity, is coming 10 be
recognized as an unquestioned necessity in
many departments of life. The property
owner will not sleep over night without
relieving himself of the liability OF loss
through fire by paying the nominal pre-
MUM which secures him a contract OF In
demnity from a fire insurance company
backed by its ample resources. The man
with a family or others dependent upon
him recognizes in life insurance a means
for protecting his dear ones from want in
case of his death. The numerous daily ac-
eIdents are in favor OF accident
insurance which are being more and more
needed. Few employers OF labor on . large
scale are now willing 10 assume personally
the liability for damages TO which they are
1s N0RNNNA NLANAoA go 1
their employees.
INDIANA AT FRONT IN INSURANCE.
Indiana is recognized as well abreast or
the times in insurance matters and. as the
figures show, she is one of the most thor
ough believers in its benefits and one of the
most liberal patrons. The slogan Of all in
surance offices is increase" However great
may have been the achievements of the year
just closing plans are always under way
for making the year come 10 one. of stu
greater successes.
The majority OF companies OF other States
which operate in Indiana will be able TO
show an increase in their Indiana business
for 1903 as compared with 1902. There VIII
be companies, OF course, which have not ad-
vanced, but where, at the beginning Of the
year a company had n good agency estab-
lished and where a persistent pursuit OF
business has been maintained, the home Of
flee will have no reason 10 complain Of the
Indiana page.
In fire insurance, by the placing in re-
Ownership Of the Commercial, OF New Al
bany, and the Equitable and the retirement
of the Indiana Insurance Company, Indian
apolis has been relieved, temporarily at
least, of the active presence OF special char
ter companies. It's two stock companies, the
German Fire and the Indianapolis Fire 10th
report a prosperous year.
The German Fire is closing its hftieth
year and suitable preparations are being
made TO celebrate that event. During 1903
this company has written a slight increase
III DItAiluliS III lllld4l iii Al EAFA e
tween $4,000 and $4,000. Its loss ratio on
Indiana business will be under 80 per cent,
which will leave a good margin for profit.
Its assets are now about $4,000
The Indianapolis Fire has written about
$4,000 in premiums on its Indiana business
with a loss ratio OF about 40 per cent. This
is on Indiana business alone. while IL has
made gratifying increases in business in its
other fields Of operation. This company
will show gross assets of about $4,000.
The two millers' mutuals. the Indiana
Millers' and the Millers' National, have each
experienced a satisfactory year. The other
local mutuals are also in a prosperous con-
dition.
LIFE COMPANIES GROWING.
The high favor i'm which the Indiana legal
reserve deposit law is held at nome and
in other States is demonstrated by the rap
i'd development of the life companies which
are operating under 1t. These companies
all report that 1903 has brought them a
large increase in business.
The State Life. during the year. received
applications for over SO, 600, 600 of new bust
ness. Indiana business alone viii amount
10 about 100000. The company now OPP
close of the year will have almost $1,000
600 or insurance in force. During the year
IL has paid over 10000 in death claims. A
good showing has been made in New York,
where il has now been operating for two
years. Ii was the first Indiana life insur-
ance company TO be admitted to that State.
0CC- - ~ 80 - 49, 49,
with the Indiana Insurance Department will
be increased and it is probable that 1t will
be made an even 100000.
The American Central will close the yeac
with about 5000, 600 of insurance In force.
1t is now writing business at a rate which,
if maintained throughout the coming year,
will give that company a record of 100000
in new business for 1904. Its invested as
sets now aggregate $4,000. IL shows a sur
plus to policy holders Of $200,00. Its NOR
tally rate during the year just closed was
lower than In any previous year or the
c~ompany's history. In this department the
company has always enjoyed an excep-
tionaily favorable experience. During the
year il has largely increased its agency
force. and now operates in five States-In-
diana, Pennsylvania, Ohio. Illinois and Mis-
souri,. During the coming year IL IS eX-
pected that il will enter California. South
Dakota, Michigan ana Oregon
The Interstate Life Assurance Company
will show over 81. 10000 In new business for
j 1903, and Will have Insurance. IN force OF
nearly $4,000. Its mortality ratio mas
been exceedingly low and ID Will show a
very material Increase in assets. The OH
velopment of the new field that they have
opened up during the year.
RESERVE LOAN TO ENTER NEW
STATES.
The Reserve Loan Life, which has here
tofore confined it's writings to Indiana, will
probably enter other States early next
year. such a move being justified by the
favorable showing made during the year.
The Federal Union Surety Company. the
only Indiana company which writes a
fidelity and surety business. viii be able
10 show a good statement, material in
creases having been made in its assets,
surplus and Insurance IN force the past
year.
their large accumulation of assets, Is more
pronounced year by year upon the local
money market. Borrowers prOnt largely
by the facilities thus offered for securing
loans promptly and at favorable rates OF
interest. Indiana insurance companies
have been able 10 place a large proportion
of their assets in the most desirable OF Sc
curities in their own State.
Indianapolis will make a very satisfac-
tory showing for the fire insurance COM
Danies, because Of the low loss ratio for
the wear. Ii Is estimated that the nre
losses for 1903 will not exceed S250,e00, al
though 1903 has been a record breaker as to
number OF fires, over LOO alarms having
been turned in. There have been many i'm
provements during the year In individual
risks throughout the city as a result OF
the application OF rating schedules. Prop
ertv owners have been able 20 secure rate
reductiOns through these improvements
The work Of the fire department Is highly
commended by insurance men who are
much gratihied by its present efficiency.
IL is estimated that losses ia the state
portion as in 1902. which was a fairly pront-
able wear for the companies. The work
of rerating the State by schedule has pro-
crossed rapidly and the majority OF the
larger towns have been covered. The new
rates have heen received in most cases