The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1911-11-07
FIRE LOSS SHOWN
BY STATE REPORT
Annual Report of State Commissioner
Of Insurance And His Recommend
alton For Future Legislation.

Oklahoma City, Nov. There are
seventy-eight foreign and six domestic
fire insurance companies authorized to
do business in Oklahoma, according
to the annual report of State Insurance
Commissioner Perry A. Ballard which
has Just been issued During the year
1910, the period covered by the report,
the foreign companies collected pre-
miums amounting to S3,255, ,907.46 and
paid losses aggregating $1,979,S15.55,
making the average loss ratio for the
year 60.S1 per cent.
The loss ratio for domestic COM
panies was much lower, six Oklahoma
concerns collecting $256,611.S6 in pre-
miums and paying total losses of S105,-
S61.7S, an average loss ratio of Alps
per cent
The total premiums collected by all
companies amounted to 511,919.32,
while the total losses paid by foreign
and domestic companies were $2,085,-
677.2S, leaving collections of $1,426,-
242.O4 in excess of fire losses.
There are three foreign and three
domestic hail companies. and the re-
port covers but these two classes of
companies, a second volume to be is
sued later dealing with life insurance
business.
Eight companies were authorized to
do business in the state during the
year. while nine companies went out
of the field during the same period and
there were eight cancellations affecting
seventeen companies.
The report gives complete recapi-
tulation of the business done during
the year by each of the companies, as
well as directory of all the Offices
and a list of their representatives.
Commissioner Ballard recommends
that the department be given the same
power over insurance matters that the
corporation commission has over rates,
but concerning the question of insur-
ance rates being made by the state
he says:
Some states have undertaken to
make rates for fire insurance COM
panies and their efforts have not met
with very great success. A general re-
duction in the charge of fire insurance
is certainly desirable, but conservative
state officials as well as experienced
underwriters are generally agreed that
such a reduction must come from an
improvement in the fire hazard or no
substantial relief can be hoped for.
seriously doubt whether the rate max
ing authority should be taken from the
insurance companies and lodged in the
state, and the experiments along this
line have not so far been successful
as to warrant further adoption of the
plan of state regulation of fire insur-
ance rates.
THE state supervision should be en-
larged so that there would be lodged
in the insurance department power to
hear and determine questions of dis
elimination, to require that rates be
fairly and equitably applied to individ
ual risks, or classes of risks, and to
give to the insurance commissioner the
same control over this branch of fire
insurance as the corporation commits
sion has over freight and passenger
rates. | think this is about as far as
state control or regulation of fire in
surance rates should extend at this
time. No doubt the local agents are
partly to blame for the high loss ratio
that exists in this state at the present
time on account of their negligence ir
writing excessive insurance on risks
where the physical and moral hazart
is great. | believe the insurance com
panies could, by using more diligence
in the selection of their agents, mater
tally reduce the fire loss and thus as
sist in bringing about reduction il
rates.
I'VE have initiated a new method il
regard to licensing agents which VIZ
hope will assist in increasing the eff