The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1914-11-12
INSURANCE MONEY.
McMaster Estimates for 1913 SS,OOO,-
OOG Sent Out of State.

missioner r. n. McMdSlel, uISS SuSSliS >
the amount of money sent out of this
State in premiums Tor life insurance,
said:
During the year 1913 South Caro-
linaians deposited in banks in other
States exceeding SS,000,0OO in cash,
through the insurance premiums sent
out of this State.
A number of companies draw con-
siderable sums from the State which
are not licensed in this State and
which do not report their annual pre-
MUM collections. The companies
licensed during the year 1913 report
ed to the department premium re-
ceipts less cancellation and dividends
returned to policyholders the sum of
s7,963. 1883. Claims were paid un-
der policies isued in this State to the
amount of s3,s19,63O.72. Commits
sions paid to agents are estimated at
Sl,292,605.09. State, county and
municipal taxes and license fees were
estimated at s253,947.65. Deduct
ing the sum of claims under policies,
the commissions paid to agents, and
the State, county and municipal tax
and license fees from the let pre-
MUM receipts, we find that there
was actually sent out of South Caro-
lima during the year to insurance
companies of other States the sum Of
s2,497,575.53.
These figures are worthy of more
critical dissection, for thereby We may
learn the very large sum that is sent
out of the State each year and has
been sent out of the State each year
for a great number Of years for per-
manent investment And as it has
only been during the last five years
that the companies have made any
permanent investments in South
Carolina securities, some idea may
be gained of the great sums that
have been taken out of the State and
permanently invested elsewhere dur
ing the last thirty or forty years.
An analysis of the figures will
show that the fire insurance COM
panies and the miscellaneous insur-
ance companies take insignificant
amounts out Of the State as COM
pared with the amounts the life in
surance companies of other States
take out of South Carolina each
year.
The so-called miscellaneous COM
panies. including the accident and
health companies, fidelity and sure
ty, employers liability, steam boiler,
burglary, elevator, live stock, etc.,
received in premiums from South
Carolinians during the year 1913,
s506,473.S3. They paid back IN
claims, commissions to agents, State,
county and municipal taxes and
license fees s434,091.S3, taking out
of South Carolina in net premiums
.s72,3S2. This may be considered
practically net profit to these COM
panies. z.
The mutual fire insurance COM
panies of other States received in
premiums in this State during 1913.
s72,571.72. They paid back in
claims under policies, State, county
and municipal taxes and license fees,
approximately $74,692.92, paying
back the State practically an excess
of s2.12l.24. This was due largely
to dividends paid during 1913 to
policy holders in South Carolina.
which, however, may be equalized
in another year.
The stock fire insurance companies
of other States received in premiums
in South Carolina during 1913, ST.
6O1,906.S1. They paid back in loss
es, commissions to agents, State,
county anu lNuulSipcl teaENSS eAo
license fees approximately s2,4S7,-
079.56, making net gain from the
State of about S114,S27.25. This
certainly is not excessive when the
amount of premiums and insurance
taken is considered, especially when
it is to be remembered that it is to
be divided among about 80 COM
panies. many of whom suffered loss
es rather than gains from their South
Carolina business.
1t is when we come to the life in
surance companies that We find that
great sums are taken out for perma-
nent investment. During 1913 life
insurance companies Of other States
received in premiums less cancella-
ton and dividends the sum of s4,-
7S2,S06.63. They paid in claims un-
der policies S1,727,9S5.61.. The com
missions to agents is estimated to be
about S620,2S1.5S. The State, coun-
tv and municipal taxes and license