382 



INSURANCE. 



Number of Fires in New York, 1854-1860. Amount in- 

 sured on property damaged and lost by fire. Amount 

 f, aid for loss and damage by fire. 



1880. 



"With the exception of the year 1860, during 

 which the number of fires was excessive, the 

 return shows the normal regularity which the 

 result of similar statistics in the Old World 

 naturally led us to expect. The average num- 

 ber of fires per annum, as shown in the above 

 table, is 334, from which 1860 differs by an 

 excess of 63. The average in the years 1855- 

 1859 is 321, and the greatest variation in any 

 one year is reduced from over 15 per cent, to 

 less than 7 per cent. 



Column 2 exhibits the amount reported as 

 insured on the property damaged, or destroyed 

 by the fires. Taking the years from June, 

 1854, to May, 1860, as a basis, the amount paid 

 is to the amount insured on the property as 

 27.96 : 100. 



There are many interesting deductions which 

 might be made from this table, though until 

 much more detailed records are preserved, it 

 will be impossible to reduce fire insurance to a 

 mathematical basis similar to that which is 

 now the groundwork of life insurance. The 

 Fire Marshal is doing much, but his labors are 

 not so valuable as they would be, were the com- 

 panies to publish a detailed report of the risks 

 and losses of their respective business. A rough 

 estimate may be made of the amount of prop- 

 erty insured in New York City by assuming the 

 amount of premiums on risks " up town " and 

 " down town " as the total premium received 

 for insurance in New York. This was stated 

 in Mr. Birney's "Assessment Report for ac- 

 count of Fire Patrol," as follows : 



1859 $2,196,367 



I860 2,142,500 



If we assume the average rate per cent, of all 

 the companies and for all hazards to be 40 

 cents, then the total amount of property in- 

 sured in this will be 



Inl859 ... $549,091,750 



In 1860 v 535,625,000 



The assumption here is necessarily wide of 

 the truth, because the two districts do not 

 embrace all the property insured in the city, 

 and the supposed rate per cent, is quite as 

 likely to be in error as is the valuation of the 

 property. On the basis of these figures the 

 amount paid for loss is to the total amount in- 

 sured in the city as '2003836 : 100. 



The insurance on inland transportation has 

 been increased in proportion to the extension 

 of western commerce. The Lake losses in the 

 past year were as follows : 



The value of steam tonnage on the Lakes has 

 been $5,473,800, and of sail tonnage, $6,388,- 

 C50. From this statement it will be seen that 

 there is a great disproportion between the 

 losses by steam and sail vessels ; also, that the 

 loss of life and property last year was much 

 less than in 1860. 



In ocean navigation, the past has been by no 

 means a favorable year. The great loss of 

 business growing out of the stoppage of the 

 trade was followed by many disasters through 

 the enemy's privateers, which however did not 

 fall upon the insurers. The marine companies, 

 however, were enabled to charge and obtain 

 higher rates for war risks, which greatly im- 

 proved their condition. 



The premiums and losses of the New York 

 City companies were as follows : 



Premiums Louet. 



Marine Insurances $7.621.913 4.234,470 



Fire Insurances 7,231,926 1,758,631 



Total $14,858,889 5.993,101 



The leading marine companies of New York 

 were as follows : 



On the results of the year the trustees of the 

 Atlantic, after reserving two and a quarter 

 million dollars and paying six per cent, inter- 

 est on outstanding scrip, direct payment of the 

 scrip of 1860, on 4th February, and declare a 

 new scrip dividend of 30 per cent, on the net 

 earned premiums of 1861. This makes the 

 total profits of the company for nineteen and a 

 half years, $12,940,210. 



* The premium includes $45,400 46 for fire risks, and the 

 losses $10,753 44, on same account, 

 t Losses include " estimate of losses not adjusted." 

 $ The Columbian statement is for fourteen months' busi- 

 ness, owing to alteration of closing period for financial year. 

 Pacific losses include estimate of claims ascertained but not 

 due. 



