WAR INSURANCES

Dominion, Volume 12, Issue 221, 12 June 1919, Page 5

WAR INSURANCES

GOVERNMENT PROFIT OF £17,000,000 SURPLUS ON AIR-RAID POLICIES . A recent preliminary statement of tho results of the British Government war insurance schemes shows that there is a balance of about ,£17,000,000 to the credit of the Government. Tho insurance against aircraft damage has been relatively very profitable. During the war the Government has had its schomes in force for the war risk insurance of British ships and cargoes, and it also undertook duties in respect to the insurance of Norwegian, Belgian, and Rumanian vessels. These marine war insurances are by far tho largest item in the transactions now recorded, but aircraft and bombardment policies mako iv considerable total. The total premium income as respects all tho schemes is ,£197,797,800, and the losses aro given as J3171.462,800, leaving a balance of These figures are provisional and subject to correction, but flic wliolo of tho credit balanco does not belong to the British Government. There arc certain profits which go to the Belgian Government, and a considerable portion of the profits made on various neutral schemes are for the account of the Frjnch and Italian Government..: This will reduce Hie total credit balance by about onethird, leaving something like .617,000,000 to the credit of the British Government. Sea and Aircraft Risks. Some of the more important items iff the account may be ■enumerated. .Uio premium income on the hulls of British steamers amounts to■ and tno losses arc put at leaving a credit balanco of .£10,130,000, Insurances on cargoes onßrrtish ships, jiowever show u heavy loss. The. premiums received come, to 4118.500,000, but the losses are AVJ,500,000, leaving a balance of .£11,000,000. on tho wrong side I here ore considerable profile under ; the schemes for the insnranco of tho mills of Norwegian steamers. Tho Government, has done extremely well out of aircraft and bombardment risks policies. The premium income has been .£13,610,000, and tho disimrseinents on account of losses pout and estimated only amount to .£i!,970,000, leaving a balance of XIO.O-tO.OOO in favour of tho Government. ' Certain compensation schemes have been worked in conjunction with, these insurances. Such aro tho payment <-f allowances to the dependents of the men serving in British merchant ships detained by tho enemy, of compensation in regard to members of tlio mercantilemarine who havo lost their lives or been injured through war perils, and also of compensation 'to fishermen. The total payment under these schemes ,up to January 31, 1919, amount approximately to Jii)3(i,ooo. Since September 1, 1917, the owners of property of an aggregate value not exceeding .£SOO, and also those who insured with tho Government proDbrtv in excess of ,£SOO, have been entitled to compensation for damage as tho result of -air raid or bombardment. The number of awards up to lebruary 28 1919 has been 5553, and the amount paid i/ .£101,402.