INSURANCE. 



439 



5. The Protection Life Insurance Company, of 

 New York. The vast increase of life insurance 

 in the United States within the last few years 

 affords room for many new companies, and it is 

 hoped that with their increase the benevolent 

 principles of life insurance will be more and 

 more widely spread among all ranks of society, 

 and thus afford the surest provision for the com- 

 fort of those left behind that can possibly be 

 adopted. 



There were only eight insurance companies 

 brought out in England during the past year, 

 and three of these, though in a measure new, 

 were old companies launched under a new form. 

 Several insurance companies were registered 

 which have not, for various reasons, been 

 brought before the public. The titles of these 

 new corporations are, the Accidental and Marine 

 Insurance Company, Boiler Insurance Com- 

 pany, Financial Insurance Company, General 

 Provident Assurance Company, Hercules Insur- 

 ance Company, Insurance Corporation of Great 

 Britain, Scottish Commercial Fire Insurance 

 Company, Sea and Eiver Marine Insurance 

 Company. They represent paid-in capital to 

 the amount of 395,000. 



At a recent meeting of the New York Board 

 of Fire Underwriters, the subject of fixing uni- 

 form rates of insurance, after a protracted dis- 

 cussion, was referred to a committee, who will 

 report such measures as may be deemed fair for 

 the preservation of the companies and protection 

 of the parties insured. Of fifty-eight companies 

 represented, all but four voted in favor of an 

 advance. When the last tariff of insurance 

 rates was agreed to, there were then, as now, a 

 few companies who from various causes were 

 unwilling to consent to a general advance. Had 

 that tariff been strictly adhered to, the balance- 

 sheet of many companies would now, without 

 question, present a more creditable appearance, 

 although possibly so much business might not 

 have been transacted. The present low and 

 insufficient rates are the almost sole cause of 

 the deficiency of many of the companies ; and 

 to such companies, whose stockholders will be 

 called upon to make up deficiencies for a fur- 

 ther continuance of business, an entire sus- 

 pension is recommended as the wisest thing 

 for all concerned, unless an adequate advance 



in prices of insurance is made at once, and 

 when made, strictly adhered to. The entire 

 insurance business of New York and elsewhere 

 must and will eventually be done with only 

 those companies whose strict adhereftce to pay- 

 ing rates makes them a certain guaranty in 

 event of loss. 



Abstract Accounts of the Capital Stock of the Firt In- 

 surance Companies of the State of New York for 

 the year end^ng December 31, 1865': 



Chartered Capital paid up . 181,157,000 



Total Assets, Dec. 81, 1865. 44,906.675 



Net Cash Premiums received In 1865. 19,656,023 



Total Income 22,847,420 



Losses paid in 1S65, incurred before . $1,156,752 I 



Losses paid In and for 1865 12,702,645 ) 13,859,897 



Total loss incurred in 1865, as reported 15,262,971 



Amount of reinsurance as estimated by Com- 

 panies 6,258,416 



Total expenditures for 1865 22,271,182 



Expenses, exclusive of taxes, losses, and divi- 

 dends 



Total liabilities, including estimates for rein- 

 surance as returned, but excluding profit 



scrip 



Net surplus over liabilities, exclusive of paid- 

 up capital 



Net amount of Fire Risks written in 1865 2,571,346^204 



Amount of Fire Eisks in force at end of 1865. . 1,663,873,807 



Amount of stock dividends paid in 1 865. 2,624,769 



Kate of expenses to income 28.22 per cent. 



It will be seen from the following statement 

 that the total disasters exceed those of either 

 of the last five years. In fact, no season since 

 1854 has equalled this in marine losses, although 

 the increased strength of our Marine Insurance 

 Companies will render the loss comparatively 

 light to them. The following is a summary of 

 disasters reported at New York during the last 

 five years, including total and partial : 



5,307,216 



8,841,02$ 



The amount of loss during 1865 is $20,000,000, 

 distributed in great part between New York, 

 Boston, Philadelphia, and other American un- 

 derwriters, whilst a portion will fall on owners 

 and foreign underwriters. The following state- 

 ment will show approximately the value of the 

 losses each month for five years, with the totals : 



ESTIMATED AMOUNT OF LOSSES FOE 1865, COMPABED WITH OTHEK TEAES. 



