The Pamphlet Collection of Sir Robert Stout: Volume 47

Insurance

Insurance.

Statistics of Life, Fire and Marine Insurance Companies doing business in Canada in 1877.

( Continued from Year Book, 1878.)

Fire and Inland Marine Insurance Companies.

Thirty-one Companies were licensed for this business in 1877, the same as in the pre ceding year. No new companies were licensed during the year. Two Canadian Co's went into liquidation, the "Canada Agricultural" and the "Provincial," and the "Stadacona" declined any new business after the 28th June.

The following is a list of the Fire Insurance Cos. doing business in Canada at 30th June, 1878.

Name of Company. Date of License. Amount Deposited with Rec-General. $ Ætna Ins. Co.. Hartford Conn................... 1st Aug., 1868 108,560 Agricultural Mut Ass. Association of Canada, Lon- don, Ont...................................... do 60,000 Brit. Am. Assurance Co., Toronto................ do 54,900 Canada Fire & Marino Co., Hamilton........... 1st. Sept. 1875 59,000 Citizens' Insurance Co. of Canada.............. 25th March, 1875 50,400 Commercial Union Ass. Co., London, England................... 1st Aug., 1868 150,057 Dom. Fire & Marino Ins. Co, Hamilton......... ................... 50,000 Guardian Fire & Life Ass. Co., London, England .... 5th Dec., 1868 100,343 Hartford Fire Ins. Co, Hartford, Conn ......... 1st Aug., 1868 100,000 Imperial Ins. Co, London, Eng................... do 100,069 Isolated Risk & Farmers Fire Ins. Co. of Canada.... 4th July, 1871 90,814 Lancashire Ins. Co ............................... 7th Aug., 1869 100,000 Liverpool, London & Globe Ins. Co.............. 1st Aug., 1868 150,050 London Assurance Corporation.................. 3rd Aug., 1869 150,000 National Ins. Co., Montreal.............. 12th Jan. 1876 50,400 North British & Mercantile Ins Co.............. 1st Aug., 1868 150 800 Northern Ass Co. of Aberdeen & London..... do 100,000 Ottawa Agricultural Ins. Co................ 12th Aug., 1875 50,000 Phœnix Ins. Co of Brooklyn, N.Y.............. 12th May, 1871 100,000 Phœnix Fire Ass. C., London, England......... 1st Aug. 1868 100,298 Quebec Fire Ass Co............................ 31st March, 1869 98,680 Queen Fire & Life Ass. Co. England .......... 1st Aug., 1868 151,100 Royal Insurance Co. of England................ do 320,848 Royal Canadian Ins. Co., Montreal.............. 9th Aug., 1873 50,400 Scottish Com. Ins. Co., Glasgow.............. 25th June, 1874 101,997 Scottish Imp. Ins. Co............................ 7th Sep., 1869 101,275 Western Ass. Co., Toronto................. 1st Aug. 1868 51,480

List of Life Insurance Co's. doing Business in Canada, 30th June, 1878.

Name of Company. Dale of License. Ami. Deposit.
$
Ætna Life Ins. Co. of Hartford 1st Aug, 1868 140,000
Briton Life Asso. (limited) 15th April, 1876 54,993
Canada Life Assu. Co., Hamilton 1st Aug, 1868 54,000
Citizens Ins. Co. of Canada 14th July, 1878 50,400
Com. Union Assu. Co., of London, Eng 1st Aug, 1868 150,957
Confederation Life Asso. of Canada 26th Sept, 1871 77,650
Equitable Life Assu. Soc. of U. S., New York 28th Sept, 1868 100,000
Globe Mu. Life Inus. Co., of New Your 11th June, 1873 100,000
Liverpool, London & Globe Ins. Co 1st Aug, 1868 159,000
London & Lancashire Life Assu. Co 19th Aug, 1868 100,000
Metropolitan Life Ins. Co. of New York 24th Oct, 1872 100,000
Mutual Life Ass. of Canada 22nd Aug, 1871 50,081
North British a Mercantile Ins. Co 1st Aug, 1868 150,800
Queen Fire & Life Ins. Co., Eng 1st Aug, 1868 151,100
Reliance Mutual Life Ass. Co., London 1st Aug, 1868 100,000
Royal Ins. Co 1st Aug, 1868 320,848
Standard Life Assu. Co. of Scotland 1st Aug, 1868 148,500
Star Life Assu. Soc. of England 4th Dec, 1868 100,343
Sun Mutual Life Ins., Co., Montreal 9th May, 1871 50,400
Toronto Life Assu. & Tontine Co 24th June, 1874 23,760
Travellers Ins. Co. of Hartford 1st Aug, 1868 140,000
Union Mut. Life Insu. Co. of Maine 12th Oct, 1868 100,000

Fire, or Fire and Marine Companies, at 31st December, 1877.

Subscribed Capital. Capital paid up, or in course of collection. Surplus over all Liabilities including Capital. Impairment of Capital. Reserve of subscribed Capital. $ cts. $ cts. $ cts. $ cts. $ cts. British America............ 500,000 498,090 00 127,479 45 ............ 1,910 00 Canada Agricultural..... 1,000,000 223,245 00 ............ 380,155 76 776,755 00 Canada Fire............ 1,000,000 100,200 00 ............ 104,363 49 899,800 00 *Citizens................... 1,188,000 237,600 00 ............ 242,119 90 950,400 00 Isolated Risk 600,000 60,000 00 ............ 50,436 15 540,000 00 National.............. 700,300 197,123 93 ............ 172,728,69 503,176 07 Ottawa Agricultural...... 674,450 67,885 00 ............ 88,653 45 606,565 00 Provincial............ 174,660 122,428 46 ............ 144,459 68 52,236 54 Quebec............ 1,000,000 319,828 50 1,190 77 ........... 680,171 50 Royal Canadian......... 5,995,650 1300,000 00 141,533 62 ............ 4,896,085 00 Stadacona............ 2,300,000 723,885 17 ............ 602,288 50 1,576,114 83 Western............... 800,000 400,000 00 279,370 81 ............ 400,000 00 Marine Companies. Anchor Marine............ 476,400 48,958 05 34,215 05 ............ 427,441 95 Merchant's Marine...... 500,000 100,000 00 ............ 5,647 57 400,000 00 *This is on the whole business, including Life. † This is the amount of capital paid up, as reduced by their special Act of Parliament. The total amount paid up has been, in cash $1,062,117 50, and In secured notes, $37,447.50. The subscribed capital may be reduced to $2,000,000, as provided by the aforesaid Act.

The estimated loss to Insurance Co.'s by the St. John Are was $6,600,000, of which $6,358,329 was paid at the end of year.

The Canadian Co.'s lost 134.70 per cent of their premiums, the British 295.71, and the American Co.'s 274.23. The Fire Insurance business done in Canada in 1877, is shewn by the following table taken from the Report of the Superintendent:

Amount of Risks taken during year. Premiums charged thereon. Rate of Premiums charded per cent, Risks taken. Cash paid during year for losses. Cash received during year for Premiums. Rate of Losses paid per cent, of Premiums received.

Fire Insurance Done in Canada, 1877.

The Atlantic Mutual Life Co. of Albany, is in the hands of a Receiver, $84,109 is in the hands of Receiver General in Dominion stock and interest.

The Provincial Insurance Co. Toronto, insolvent. There are in the hands of Receiver General Municipal Debentures $33,930, cash $16,229, interest collected $1,856.

The Canada Agricultural Insurance Co. Montreal, insolvent Deposited with Receiver General 42,300 municipal debentures accepted and 17,600 not accepted.

The Stadacona Insurance Co. Quebec, has ceased for the present to transact new business. Deposit $105,479 municipal debentures, $400 Dominion stock, $654 cash.

The report of the Superintendent of Insurance estimates the loss from fire throughout Canada in 1877, Including the great fire at St. John as not less than twenty millions of dollars. The insurance on these losses is estimated at between 8 and 9 millions.

The net amount of Fire Insurance at risk in Canada at the end of 1877, was $420,342,681 an increase of $15,734,501 in the year. This increase was entirely in British Companies. The premiums on the amount at risk were at the rate of $10.72 for every $1,000, as against $10.60, and $10.66 for 1870 and 1876. The premiums received during the year amounted to $3,764.05; the losses to $8,823,037 of which $8,490,919 were paid, being $25.58 per cent, of premiums.

By a comparison with the Tables of 1876, it appears that only three Co's., Agricultural Mutual, Anchor Marine and Quebec, showed any gain or improvement in 1877. All other Co's. suffered loss.

The following Table shows the Assets and Liabilities, Income and Expenditure at the close of the year 1877, of all Companies doing Fire or Inland Marine Insurance:—

Canadian Companies.

Name of Company. Assets in Canada. Liabilities not including Capital Stock. Cash Income. Oash Expenditure.

Summary for Nine Years of Fire Insurance in Canada.

Year. Premiums received. Losses paid. Rate of Losses per cent, of Premiums. $ $ 1869....... 1,785,539 1,027,720 57 56 1870....... 1,916,779 1,624,837 84 77 1871....... 2,321,716 1,549,199 66 73 1872....... 2.628,710 1,909,975 72 66 1873....... 2,968,416 1,682,184 56 67 1874....... 3,522,303 1,926,159 51 68 1875....... 3.594 764 2 563 531 71 31 1876....... 3,708,006 2,867,295 77 33 1877....... 3,764,005 8,490,919 225 58 Totals....... 26,210,238 23,641,819 90 20 Can. Co's. 9,990.154 7,671,873 76 79 Brit. Co's. 13,891,958 13,936,542 100 30 Am. Co's. 2,325,126 2,033,404 87 45 26,210,288 23,641,819 90 20

Including the two Marine Co's. and the business of the mixed Co's. outside the Dominion and within, the total cash income of Canadian Co's. during 1877 was $3,737-680 (exclusive of $980,976, Capital Stock paid) and the expenditure, $4,915,764. For every $100 of income there was spent: Losses, $95.12; General expenses, $33.03; Dividends to stockholders, $3.37; Total, $131.52.

The British Co's. for every $100 of income spent: $297.71, losses and $21.79 expenses, and the American, $235.60 losses and $16.32 expenses.

The total amount of Insurance in force on December 31st, 1877, was $85,687,903 against $84,344,916 the preceding year. This was divided as follows:—
Canadlan Companies $26,870,224
British 19,349,204
American 39,468,475
In 1876 the amounts were:—
Canadian Companies $24,674,372
British 18,972,353
American 40,698,191

The annexed table shows the amount of Insurance effected during the respective years 1869-1877:— Years. Canadian Companies. British Companies. American Companies. Total. $ $ $ $ 1869.................... 1,156,855 2,627,392 9,069,885 12,854,132 1870.................... 1,584,456 1,657,493* 8,952,746 12,194,696 1871.................... 2,623,944 2,212,107 8,486,575 13,322,626 1872.................... 5,276,859 1,896,655 13,896,587 21,070,101 1873.................... 4,608,913 1,704,338* 14,740,367 21,053,618 1874.................... 5,259,822 2,143,080 11,705,319* 19,108,221 1875.................... 5,077,601 1,689,833 8,306,824 15,074,258 1876.................... 5,465,966 1,683,357 6,740,804 13,890,127 1877.................... 5,724,648 2,142,702 5,667,317 13,534,667 *Imperfect.

The amount of Insurance terminated during the year by natural causes was $1,072,867, and by surrender or lapse $11,138.960.

The amounts surrendered came to 60 per cent, nearly of the new insurances in the Canadian Companies, 68 per cent, in the British and 109 in the American. The number of policies in force at the end of the year were 50,830, and their amount $85,687,903, an average of $1,686 to a policy. As nearly as could be approximated the Superintendent gives the death rate at 7.27 per thousand in Canadian Companies, 14 17 in British and 9.26 in American, or 9.57 per thousand on an average of all the Companies. The total income of all the Companies from premiums received was $20,596,374, a decrease of $155,903 over 1876. This falls principally on the American Companies, their decrease being $137,888, the British decrease being $19,791, and the Canadian Companies showing a trilling increase of $1,776.

For the first time since 1870 the American receipts were less than the British and Canadian combined. The following tables show the condition of the different companies.—

British and American Co's.—Income and Expenditure.

Companies. Net premium Income. Total Paid to Policy Holders. Companies. Net premium Income. Paid to Policy Holders. $ $ $ $ Briton Life.......... 4,314 None. Ætna.............. 279,701 91,778 Briton Medical......... 40,687 21,487 Atlantic Mutual...... 15,589 5,130 Commercial Union.... 24,507 8,496 Connecticut........ 166,326 83,552 Edinburgh............... 24,173 32,438 Equitable............ 191,722 62,002 Life Association........ 113,190 83,716 Globe Mutual........ 34,083 2,202 Liverpool, London and Metropolitan..... 44,151 11,500 Globe........... 9,409 6,081 National......... 26,020 12,204 London & Lancashire.. 40,871 15,139 North Western..... 176,905 98,242 North British and Mer- Now York.......... 43,396 26,976 cantile............. 28,890 17,535 Phœnix Mutual.... 123,637 66,152 Positive................. 805 179 Travellers......... 97,061 9,282 Queen............. 11,306 4,225 Union Mutual....... 98,993 81,892 Reliance............... 26,647 8,780 United States........ 2,136 412 Royal............... 29,395 21,398 Scottish Amicable....... 22,155 35,487 Scottish Provident.... 6,937 867 Scottish Provincial..... 40,229 56,723 Standard.............. 135,472 128,518 Star............. 18,194 3,030

Recapitulation for 1877.

7 Canadian Companies......... 770,319 3,572 5,724,648 17,297 26,870,221 130 191,636 212,015 ......... ......... 17 British Companies............. 577,364 990 2,142,702 9,534 19,349,204 135 358,142 894,484 ......... ......... 13 American Companies........ 1,299,724 3,817 5,667,317 23,999 39,468,475 246 486,238 350,492 ......... ......... Totals for 1877................. 2,647,407 8,379 13,534,667 50,830 85,687,903 511 1,036,016 956,991 ......... ......... Totals for 1876.................. 2,803,310 8,730 13,890,127 No return. 84,844,916 467 966,156 881,498 ......... ......... Increase i—Decrease d ......... d 155,903 d 351 d 355,460 ........ i 966,136 i 44 i 69,860 i 75,493 ......... .........