The circle banner., 1923-12-28
STATE HAIL LOSS
De- is VERY HEAVY
DAMAGE TO GRAIN FROM HAIL
is AZ PER CENT OF FARMERS
INSURED
Valley County Had Adjustments OF
So, ,55S, Which Was 26S Per Cent
of Premium Income From That
County.

Hail damage to Montana crops this
year was more severe than in any re-
cent year, according to the Montana
hail department. The preliminary
statement shows that there was an
increase of 141 in the number of
farmers insured this year over 1922.
AS in other years, the grain most
widely insured was wheat. Only once
(191S) since the department began
operations has such a high percent
age of loss claims been filed. In
1918 the number was 43 per cent OF
the number carrying insurance, and
the past season it was AZ per cent.
The recent issue of the national
underwriters report announced that
the 1928 hail results are the worst in
years and that the average loss rates
for all companies is at least 100 per
cent over the hail area of the United
States and probably 125 per cent in
Canada.
Such results, hail insurance men
say, have been unavoidable from an
underwriters standpoint. 1t has
hailed repeatedly in sections where
hail was not expected. Localities re-
garded as more or less immune have
yielded the companies disastrous re-
suits. The dope sheets OF the past
have been worthless as guide for
this year. The shrewdest and keen
est underwriters in the business show
for 1923 just about the same exper-
fence that the companies that have
not made any particular study of the
hail business are able to exhibit. All
have been showed under by excessive
hailstorms.
While the 1923 report shows an in
creased number carrying insurance,
and a small increase in acreage, it
shows a decrease in the risk written.
This is accounted for by the fact that
the maximum insurance was reduced
from $12 per acre to $40 and the
average number of acres insured by
each also reduced from la to 1O4.
In 1922 the average insurance per
acre was $40. In 1928 it was $3.50,
or in other words, in 1928 applica-
tions averaged five-sixths of the max
imum, while in 1922 they averaged
only two-thirds of the reduced limit.
The prevailing explanation for this
big decrease is mainly that the farm
ers are now more conservative and
are eliminating speculation from
their insurance, insuring only as a
means of bare protection.
Valley county had adjustments of
$2,558, which was 26S per cent of
the premium income of that county
Prairie and Golden Valley counties
were close seconds with loss rate
of 248 per cent. The losses in the
latter county were particularly sew
ere on account of the large number
insured. The losses in this county
totaled larger than in any other.
Fergus, Toole and Treasure counties
followed with light loss rates, while
in Daniels, Garfield, Musselshell, Yel-
lowstone and other counties the loss
was from 10 per cent up to 100 per
cent. The total. risk written was
$1,116,245; premiums assessed, H.
159; number of farms insured 1,412;
loss claims filed, 592; per cent of in
sured filing claims, AZ; amount of
insurance per farmer was $3.50;
acres insured by each was 104.
At the beginning of the 1928 sea-
son the department carried surplus
of about $4,000 in delinquent lev
les. The heavy losses of the season
have reduced this about one-half.
Warrants for the first one-half of
the 1923 season losses have been is
sued for some time. Arrangements
have been made so that all of these
are being cashed by the state treas
urer Warrants for the balance due
on 1923 losses will be issued soon
and the arrangements for the cash |
for them will be perfected, if pos
sible.
n