Plate Glass Insurance Companies ACCIDENT INSURANCE. Accident Insurance Companies. EMPLOYERS' LIABILITY INSURANCE. Employers' Liability Insurance Companies... 22,965 1,758 ... The above table shows an increase in premiums paid of $631,694, and a decrease in losses paid of $135,911, a net gain to the companies of $767,605 over the business of the previous year. LIFE INSURANCE. The statistics of the amount of life insurance effected in this State during the year 1902 show a considerable increase in both Ordinary and Industrial Insurance. The figures for the last two years are as follows: The above table shows an increase of nearly 6 per cent. in the amount of insurances effected, accompanied by a decrease of about 3 per cent. in their number, indicating an increase of about 9 per cent. in the average amount of insurance effected. The average amount of insurance effected under the ordinary plan was, in 1901, $1,794; in 1902, $1,766, showing a decrease of $28, or about one and one-half per cent. On the other hand, the average amount of industrial policies issued increased from $106.35 in 1901 to $115.32 in 1902, an increase of about eight and one-half per cent. If, as has been claimed, an increase in industrial insurance may be taken, like an increase in the amount of deposits in the Savings Banks, as a measure of the prosperity of the wage earners, these figures would indicate a very satisfactory condition among our people. COMPANIES GRANTING SICK BENEFITS. In respect to the companies doing business in this State which grant relief or indemnity during sickness it is to be regretted that no standard for the valuation of the risks assumed and therefore of the liability on this account to be provided for has been prescribed by the State. It appears that the best table for the valuation of this class of risks is the "Friendly Societies' Valuation and other Tables," etc., by W. A. Bowser, (London, 1896) which has been adopted by the Legislature of New York as the standard for valuation of risks of this sort. Unless, before the next meeting of the Legislature, the companies engaged in conducting this branch of business in this State should unite in preparing and presenting a table more truly representative of experience in this country, it would seem that it would be wise for legislation to be had requiring this table, already recognized as a standard, to be adopted as the standard in this State for the valuation of risks involving disability from sickness or accident. EMPLOYERS' AND EMPLOYES' CO-OPERATIVE INSURANCE AND LIABILITY. In the report of last year reference was made to the act to create a "Co-operative Insurance Fund," and defining certain rules in respect to "Employers' and Employes' Co-operative Insurance and Liability," which had been passed at the session of the Legislature ended shortly before the date of the report. In the act special provision was made for the creation and administration of the fund referred to, and rates of contribution prescribed for certain specified industries, especially for persons engaged in coal or clay mining or quarrying, in operating steam railroads and in operating any street railway or trolley road. Provision was also made for the protection, under the terms of the act, of employes engaged upon several forms of municipal work, the terms in such cases to be fixed by the Insurance Commissioner. Since this act went into effect nine corporations have taken advantage of its provisions; of this number two are electric street railway companies, and seven are quarry companies. • The total amount received from these nine companies was $2,316.05. Of this amount $1,000 was paid for the death of a street-railway employe, and $10.20 returned to a quarry company because of negligence in making their report, leaving a balance in the fund of $1,305.85. The amount noted as refunded was returned under these circumstances: The act provides for the rendering by employers of a statement of the number of employes and making the prescribed payment, on the first Monday of each month. The report and payment in this case was late in reaching me, and it transpired that within the period of delay a fatal accident had cccurred among the employes of this company. As there was some reason to believe the remittance was made after the accident, payment for the loss was refused, and I am having a thorough investigation made. It is to be noted, and with regret, that while this act was framed especially with a view of meeting conditions that exist in the coal mining industry, its provisions have not been availed of by a single company engaged in the mining of coal. In last year's report mention was made of the wide departure marked by the act under consideration from the practice hitherto observed in this country as to the functions of a State Insurance Department. Note was also made of legal provisions that have been enacted in several countries of Europe in respect to the insurance, under Government supervision, of certain classes of workmen to the cost of which insurance the Governments are in a measure contributors. The whole subject is one which invites the most careful study on the part of students of political and economic science. Its importance is demonstrated, not only by the attention which it has received, and the legislation heretofore enacted, in Europe and in some of the colonies of Great Britain, but also by the earnest attention it has received from those best qualified by |