Daily capital journal. (Salem, Oregon) 1903-1919, 1918-07-12
REPORT OF
Commissioner WELLS
Insurance Of Oregon Are Full
ly Discussed by Head Of
Department

Life, surety and marine insurance
business show big increase in this
state during 1917, according to the
annual report of Insurance Commits.
.sicner Wells which is now being print
ed
There has not been such a big in
crease in fire insurance, out the bus
iness has been mu h more profitable
to the companies than before as the
fire loss ratio has materially deereas-
ed.
Commissioner Wells says that reports
now available show that Oregon has
he lowest fire loss ratio Of any state
in the union.
This is remarkable" " he SAYS, for
in 1915 we were sixth highest in the
United States. Progressing from forty
eaond TO first place in two years, is
record TO be proud of.
Speaking Of criticism which has
been directed TO the provision CT the
new insurance code relating to rating
bureaus for fire insurance, Commits
sioner Wells says a fire company does
not have to adopt the schedules Of
rating bureau if it does not so desire
- A company is not permitted to
practice universal discrimination, he
says. "No company is compelled to
adopt any specific schedule, the ques-
ton being left by law to its own
.h0I'e. The law does require every com
3any TO abide by the schedule which |
t has filed or adopted 1t gives the
company, however, the privilege cf fill !
ng an amended schedule with the in
iuranee commissioner, and the com
)any is free to either raise or lower
is schedule at any time it desires, but |
should it elect to raise or lower its |
ehedule, the higher or lower rates |
must be applied to all its customers
Uniformly throughout the state.
This, will admit, does no. please
few of the outlaw class of agents.
Nothing of a regulatory nature will
lease them. -
Insurance companies operating in
IRE gon have investments in this state
.ggregating $27S22,779.47.
This inyes ment is segregated as fol
Dws; Mortgage loans on city and farm
roperty $l35l3.206; state, school,
cad, municipal and miscellaneous
onds $l1,094 GS2; interurban ana
treet railway bonds $3,003, $40; real
state owned $2ll,050.
Of the total amount invested, fire
Insurance companies have 1921 ,254;
lie insurance conn anieS $l9,0s2 $50;
companies 1927 ,S7l;
ra ernal societies, but not including
roperty owned by local lodges, $4,-
30, ,S03
Insurance business written in Oregon
uring 1917 shows an increase ever the
uSiness of the previous year of $l35,
1927. The total insurance written in
his state during 1917 was $53l ISL
Is, as against $396,572 ,S9l in 1916.
Premiums collected in this STATE dur
lg 1917 amounted to $l2,424575, an
leiease of approximately 10000 /
yer the preceding year, while the loss
! paid during 1917 totaled S4,796 SS7,
hich is a decrease of nearly 100000
The difference between the amount
f premiums collected and the losses
aid during 1917 is $7,6276SS.
For ordinary life insurance, the com
lnics collected $5026.745 in premiums
nd paid $2,034, 1877 for losses, while
le stock fire insurance companies col |
eted $3 2609 905 in premiums and paid
1t 81 ,045 1876 for losses.
The receipts of the insurance depart
ent for 1917 were $l30,046 while the
ipenses off the department toEaled
$3.50. The income during 1918, which
III be the first year under the new
suranee code, win be increased ma
rally, the commissioner says.
From January l up to July | OF
. year 1915" says the report, "the
surance department has collected in -
rs, license and taxes, 1912, 900, which Y
an increase Of $S2, 900 over and
owe the entire. income of 1917" "