INSURANCE. 



531 



RECAPITULATION. 



There were thus 10 fires that destroyed 

 $7,600,000, an average of $760,000, and 169 

 fires that destroyed an average of $60,000 

 each. There was destroyed also, by fires of 

 less than $20,000 each, an aggregate of 

 $6.000.000. Making a total loss by fire of 

 $23,640,000 against $24,020,000 last year. 

 The aggregates of fires over $20,000, distin- 

 guishing Northern and Southern States, were 

 as follows : 



Thus the losses at the North were nearly 

 doubled during the year. These losses, how- 

 ever, do not include the ravages and devasta- 

 tion caused in the border States by the move- 

 ment of armies, and which cannot be approx- 

 imated until perhaps after years of peace, 

 when numerous claims for damages shall have 

 been passed upon. Some of these claims have 

 already beeu presented to Congress, particu- 

 larly iu the case of the raid into Pennsylvania. 



The insurance returns for the year indicate 

 a considerable increase in fire risks. In Massa- 

 chusetts these have been as follows : 



The returns of the fire business of the stock 

 and mutual companies nearly approximate the 

 ratio of premium to loss, or the average cost 

 to the insured, as a body. The following is a 

 comparison, in this point of view, of the last 

 two years : 



It is apparent from this that the companies, 

 on the whole, suffered much more severely 

 from fires in 1862 than in -1861. The losses 

 were also less evenly distributed. There were 

 not only a larger number of companies which 

 paid more for losses than they received in pre- 

 miums, but the net losses of the year were 

 much larger to several companies than any ex- 

 perienced in the previous three years. The 

 following table shows the number of stock 

 companies that made net losses, putting ex- 

 penses out of the account, in the past four 

 years, the aggregate premium receipts, losses 

 and net losses of said companies in each year, 

 and the largest net loss of any company : 



That ten out of thirty-four home stock com- 

 panies should lose in the same year more than 

 their premium receipts, to the extent of twen- 

 ty-one per cent, of the same, is a startling fact. 

 And it is none the less so that out of forty- 

 eight foreign stock companies doing business in 

 the Commonwealth, only four, and those all in 

 New England, failed to receive premiums dur- 

 ing the year in excess of their losses. These 

 four have made an aggregate net loss of $8,377, 

 the largest being $4,454.96. It is true, a large 

 portion of the extraordinary loss of th'e year 

 came from the single conflagration in Troy. 

 But setting that aside, the table above given 

 shows a tendency to misfortune of more than 

 one year's standing. 



The operations of the ninety-six Xew York 

 fire companies, showing the fire and inland 

 navigation risks, were for the year 1862 as 

 follows: 



Paid up capital of fire and inland navigation 



insurance companies of New York State. $20,432,560 00 



Total assets, December 81, 1S62 27.327,990 97 



Net cash premium taken in 1862 7,732,479 90 



Total income 9.723.42 1 40 



Losses paid in 1562, incurred before 360,908 43 



Losses paid in and for 1862 4,215,500 29 



