THE INSURANCE DEPARTMENT OF THE CENTRAI, BANK OF BUIvGARIA 37 



The livestock insurance premium consists of an entrance fee and an 

 amount corresponding with half the total claim distributed among the 

 members. 



Credit Department. — In regard to the credit department, we shall only- 

 say that the total assets at the end of 1912 amounted to 20,417,980 lewa 

 39 and the total liabilities to 20,036,658 lewa 27. Thus the gross profits were 

 381,322 lewa 12. Deducting from this 276,837 lewa 09 for general expenses, 

 we find there was a net profit for the year of 104,485 lewa 03. This net 

 profit was distributed as follows : 



10 % to the reserve fund lewa 10,448.50 



10 % to the insurance fund " 10,448.50 



3 % in bonuses to employees " 3, 134-55 



In dividends " 80,453.48 



Total . . . lewa 104,485.03 



Insurance Department. — The insurance department presents greater 

 interest. As we have said, it has, in its turn, two divisions : one for hail 

 insurance and the other for insurance of horned cattle. 



The hail insurance division is by far the most important. Its second 

 year of work is already finished, and it has all along been successful. 



This is shown by the considerable increase of the policy holders in the 

 second year, as well as in other ways. In fact, whereas the number of 

 policy holders was 3,444 at the end of 1911, during the next year it 

 reached the considerable figure of 17,458. 



In addition, the total amount assured, which was 6,120,490 lewa at 

 the end of 1911, amounted to 28,255,390 lei&a at the end of 1912. 



In 1912 applications for insurance were refused in the case of one 

 hundred and thirty persons for various reasons, the chief being that they 

 had not sown or had leased their farms. 



The amount assured varies very much: from a maximum of 204,850 

 to a minimum of 10 lewa. The average for each policy holder is about 

 1,600 lewa. 



All kinds of crops are insured. However, cereals are insured in greatest 

 quantity, and after them vineyards. Let us now examine separately vari- 

 ous points in relation to this branch of insurance, the entrance fees, 

 premiums, compensations etc. 



The entrance fees amounted in 1912 to 59,059 lewa 80. The whole of 

 this amount was placed to the reserve fund of the division. 



The total amount of premiums paid in 1912 was 630,779 lewa 70, which 

 is 2.33 % of the total amount assured. This may seem high. It is due to 

 the fact that a large proportion of premiums are paid for vineyards, and in 

 that case higher rates are paid. If we exclude the premiums for vineyards, 

 the rate is only 1.47 %. 



