CURRENT NOTES CURRENT NOTES CHANGES IN LIABILITY AND COMPENSATION RATE MAKING

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1 i22 CURRENT NOTES CURRENT NOTES ARTHUR N. MATTHEWS, CURRENT NOTES EDITOR CHANGES IN LIABILITY AND COMPENSATION RATE MAKING The reports of casualty insurance companies which were filed with the New York Insurance Department covering the underwriting results of calendar year 1929 showed that for this year all stock casualty companies combined suffered an underwriting loss of $13,618,247 as compared with an underwriting profit for calendar year 1928 of $14,581,153. The lines of insurance which contributed most to this underwaiting loss are auto liability "and workmen's compensation. For auto liability the underwriting loss for calendar year 1929 amounted to $3,938,798 as compared with an underwriting profit for 1928 of $458,089 and the 1929 underwriting loss for workmen's compensation amounted to $16,503,750 as compared with an underwriting loss in 1928 of $8,078,904. Fidelity and surety also produced underwriting losses in 1929 as compared with substantial underwriting profits in The other lines of insurance taken as a whole produced substantial underwriting profits during both years. The following exhibit shows the earned premiums, incurred losses and loss ratios for calendar years 1928 and 1929 for all stock companies combined which report to the New York Insurance Department for the three most important lines of casualty insurance, namely auto liability, liability other than auto and compensation. Line of Insurance Auto Liability.. Liability other than Auto... Compensation.. Earned Premiums i $ 136,821,91C 53,616, ,911, Incurred Losses $ Loss Earned Ratio Premiums % $ 71,088, ,184, Incurred Losses $ 82,957,82C Loss Ratio % ;5.2 19,572, ,380,908 20,150,115 ~6.4 89,198, t147,337, ,692, The above exhibit shows that the loss ratios for auto liability and compensation increased materially in 1929 as compared with 1928, whereas the loss ratio for liability other than auto is practically the same in both years. The annual revision of auto liability rates by the National Bureau of Casualty and Surety Underwriters is now in progress.

2 CURRENT NOTES 123 In view of the unfavorable trend in the loss ratio for this line, it is anticipated that the rates for a number of important states will be materially increased. These revised rates will probably become effective late in 1930 or during the first few months of The insurance companies have made certain changes in the compensation rate making methods which will have the effect of producing higher rates than those which would have been produced by the previous procedure. It has been the practice to base the indemnity pure premiums on the average level of costs of the last three policy years for which experience is available. In view of the present upward trend in cost, the indemnity portion of the rate in a number of important states has been based upon the cost level of the latest year. The medical portion of the rate has formerly been based upon the experience of the latest year of the experience period. However, in view of the very decided upward trend in medical costs, the rate making procedure has been revised so as to project medical costs up to a level approximating that of the year in which the revised rates are to be applicable. Furthermore, the stock casualty companies are considering the use of a profit and contingency factor of 2~ per cent. in the rates, but as yet this factor has not been approved for use in any state. Revised rates have already been calculated but not approved for the important states of New York and Pennsylvania to become effective on January 1, The New York rates, if approved, will be approximately 10 per cent. higher than those which are now in effect and the Pennsylvania rates will be 8.4 per cent. higher. SOCIAL INSURANCE IN FOREIGN COUNTRIES The Department of Commerce has issued a number of publications on Insurance Problems in Foreign Countries. The following are summaries of the publications which appear to be of especial interest to those engaged in the business of casualty insurance. THE NETHERLANDS Pew countries possess a system of social legislation so highly developed as that of the Netherlands. Of the insurance laws now in force, the Invalidity and Old Age Insurance Act of 1913 was the first to take effect. Next was passed the Accident Insurance Act of 1921, which was extended in the Agricultural Accident Insurance Act of The "Sickness Act," which is the result of

3 124 CURRENT NOTES twenty-five years of effort to arrive at compulsory insurance for compensation of laborers during illness, became effective in By the provisions of the Invalidity and Old Age Insurance Act, every employee in the Netherlands, with but few specifically mentioned exceptions, is required to be insured and in case of invalidity or the attainment of the age of 65 years is entitled to compensation. The entire premium is payable by the employer. Likewise accident and sickness insurance is compulsory for all employees. In the case of accident insurance, the entire premium is borne by the employer, while, in the case of sickness insurance a certain percentage of the premium is paid by the employer and the remainder of the premium is paid by the employee. Most concerns transfer the accident insurance risk to private companies or associations approved by the government, instead of retaining the insurance with the Government Insurance Bank, for the reason that premiums charged by the former are generally from twenty to forty per cent. below those of the Government Bank despite the fact that the latter is not conducted with any idea of profit. CHILE Among the most important of the social laws enacted by the Republic of Chile during were Laws No and No regarding compulsory illness and incapacity insurance. These laws are supplementary to the Workrnen's Compensation Law. This new legislation directly concerns employers since they must bear the entire cost for labor accidents, while the illness and invalidity insurance is effected at the expense of the laborer, the employer, and the state. The law provides that the obligations of the employer to his workmen shall have been fulfilled upon his insuring the risk in a mutual insurance association, a Chilean insurance company, or a legally constituted association of employers. As a matter of practice, most workmen's compensation insurance in Chile is placed with the Labor Accident Section of the National Savings Institution, which is in effect a state insurance company, and it is reported that in time this institution will probably obtain all the insurance under the Worlcmen's Compensation Law. The purpose of the institution is purely social, and the law provides that rates be changed from time to time, so that the operation of the company will leave no profit.

4 CURRENT NOTES 125 It is stated that the insurance rates of this institution are approximately I0 per cent. lower than those of private insurance companies writing workrnen's compensation insurance. There are no United States insurance companies authorized to write workmen's con-'. pensation insurance in Chile. SWEDEN Sweden in 1929 effeeted a law making compulsory the carrying of liability and property damage insurance by owners of automobiles. In general the liability of an insurance company for each accident resulting in injuries amounts to approximately $15,600 with a limit of approximately $5,200 for each person injured or ldlled, and a total of about $2,600 for property damage. It is reported that one of the largest Swedish insurance companies writing automobile accident insurance charges about $28.60 per year for a policy which protects the driver of passenger cars or trucks to the extent of about $15,600 for injury to individuals and about $2,600 for damage to property. If the policy is taken for three years, the annual premium is approximately $ Automobile insurance may be written only by national insurance companies or others which are "approved by the King." The law relating to the rights of foreign insurance companies to operate in the kingdom specifies the procedure and requirements for the obtaining o~ authorization to write automobile insurance. Appli- "cation must be made to the office of the Insurance Inspector, and various documents and proofs must accompany the application. One of the main requirements is that the applicant deposit with the "Riksbank" in bonds issued by the Swedish government the sum of 200,000 crowns (approximately $52,000). FRANCE The new French social insurance law became effective July 1, There are few opponents to the basic principles, as France is one of the last of the larger European powers to undertake such insurance measures. Germany laid the groundwork for its social insurance as far back as 1884, and Austria in 1890, and these countries have built up comprehensive legislation protecting their workers against personal risks in their daily occupation. It is true that in 1898 France passed a law relating to labor accidents which was not an insurance law, but one which fixed the responsi-

5 126 CURRENT NOTES bility and the extent of its application. Two laws of 1910 and 1912 organized retirement insurance, but their application was not compulsory. The voluntary feature of these laws has left them without widespread application. The new law makes it compulsory to insure against sickness, incapacity, death, old age, and involuntary unemployment. The law provides for two distinct systems of insurancc one for commercial, industrial and domestic workers, and the other for agricultural workers. The insurance is financed by equal contributions by the employer and the worker supplemented by certain contributions by the state. The principal benefits which will accrue to the insured are a retirement income at the age of 60, free medical aid, and a payment of a part of the worker's wage during periods of illness or convalescence. Despite criticisms, the need for at least certain provisions of the law is not strongly questioned. Salaries of a large proportion of the population are still at a very low level. The thinning out of the population during the war, and particularly of what is now the middle-age range of workers, and change in the conditions of labor have left French wage-earners in a poor position to provide for themselves and their dependents against the usual risks. Formerly the aged could count more definitely upon their descendents for their later sustenance, but with a decrease in the latter through the war, a large nu_mber of the people have been left upon their own resources. Moreover, many of the families have been forced to separate in order to obtain work, and this has made for higher individual living costs and has cut down the margin of savings available for assistance. In its efforts to alleviate these conditions, the government has endeavored to meet practically all of the principal demands rather than to meet a few most urgent classes of need. FUTURE MEETINGS OF THE INTERNATIONAL CONGRESS OF ACTUARIES DISCUSSED IN BERLIN At a meeting of the insurance mathematics section of the German Society for Insurance Science, held in Berlin on October 15th last, a report on the activities of the Ninth International Congress of Actuaries (Stockholm) was heard. The slight participation of German insurance men in the meetings of the Congress was regretted. Speaking on the scope of future Congresses, Messrs.

6 CURRENT NOTES 127 Dihm, Dobbernaek, Lorey, Manes, Schulz, Schweer and others suggested that in future it would be helpful to the interests of insurance science as a whole, if the scope of Congress programs were widened. The Stockholm Congress in June, 1930, confined its attention chiefly to mathematical questions. The German group was of the opinion that more attention should be paid to (a) the actuarial aspects of other branches of insurance than life insurance, particularly social and property insurance and (b) that other than mathematical considerations should be taken into account. A committee consisting of Messrs. Dihm, Lorey and Schweer was appointed to bring these matters to the attention of the Permanent Committee in Brussels. EDUCATIONAL PROGRAM FOR FRENCH ACTUARIES The Institut des Actuaires Francais has issued the 1929 edition of its "Status, Reglement et Programme," outlining the educational and examination program for French actuarial students. The Associateship (membre stagaire) program is in four parts as follows: Part I: Pure Mathematics: (1) Arithmetic, algebra, higher algebra; (2) Series (convergent and divergent series; functions of a real variable; integral series; compound functions; interpolation); (3) Analytic geometry; (4) Differential and integral calculus; differential equations; (5) Probabilities (a priori and a posteriori probabilities; the theory of observations; method of least squares; practical applications to statistical data). Part II: Finance: (1) Short term finance (simple and compound interest; money and the money market; foreign exchange operations and statistics; liquidation or bankruptcy practice; banking practice); (2) Long-term finance (compound interest; amortization; annuities; bond investment; investment accounting). Part III: Theory of Insurance: (1) General concepts of insurance (definitions, scope of insurance; the theory of risk; assessment and fixed premium systems; stock and mutual carriers; insurance of persons and goods; statistical survey of insurance); (2) Life Insurance: (mortality tables, their sources and methods; graphic and formula adjustment and graduation of mortality tables; practical knowledge of principal tables in use in Prance and other countries; the C. R. pension table of the National Old Age Pension t~und; life tables; mathematics of annuities and tontines; joint life

7 128 CURRENT NOTES contingencies; computation of premiums and reserves for life insurance and pensions; amortization of acquisition cost; Zillmer's method; official reports and annual statements required by law; surplus distribution; re-insurance; group insurance) ; (3) Birth and marriage insurance (statistical and economic foundation of birth and marriage insurance; birth and marriage insurance tables, stipulations of the law of May 26, 1921); (4) Sickness, invalidity and accident insurance (Morbidity statistics and tables; sickness and accident premiums; annual statements; mutual sick and accident funds; disability insurance; accident insurance, premiums and reserves; individual and group insurance against sickness and allied risks); (4) Property insurance; (Fundamentals of fire, hail, transport, marine, livestock, credit and liability insurance); (5) Capitalization of insurance companies, the law of December 19, Part IV. Social Economics and Social Legislation. (1) Private Insurance: (a) General matters (Insurable risks; liability insurance; structure of private insurance types of carriers, stock companies, mutual carriers, tontine companies, trust companies, farmers' mutuals. The laws of July 24, 1857; March 8, 1922; July 22, The essentials of French insurance contract law) ; (b) Marine insurance (essential principles) ; (c) Reinsurance, (history, principles, practices and services); (d) The State and the Insurance Business (supervision and regulation of the insurance business; registration of companies; annual reports; the supervisory laws of April 9, 1898; March 17, 1905; December 19, 1907; July& 1913; Feb. 15, 1917; May 26, 1921; and February 20, Principles of insurance supervision in other countries). (2) Social Insurance: (a) Life insurance (The National Life Insurance Institute; wortdngmen's insurance in German and Anglo-Saxon countries; burial societies; mutual assessment life insurance); (b) Industrial accidents and workmen's compensation (employers' liability and industrial accidents; compulsory vs. voluntary coverage; rating methods; the law of April 9, 1878; law of April 5, 1910; methods and results in foreign countries); (c) Old Age Pensions and Invalidity insurance (the National Fund for Old Age Pensions; caisses patronales; principal industrial pension systems; the law of April 5, 1910 and later laws; methods in foreign countries); (d) sickness insurance (definitions, mutual societies; provident institutions (institutions patronales); (e) Un-

8 CURRENT NOTES 129 employment insurance (French system; the system in Alsace- Lorraine; French social insurance law). (3) Provident Institutions: (a) Savings banks and savings societies in France and foreign countries; (b) Mutual aid societies, the laws of April 1, 1898 and February 3, 1902; (c) Building societies (the law of December 5, 1922; alliances with life insurance companies); (d) Government savings services. The foregoing covers the Associateship studies and examinations. There is a further examination for Fellows (Membre agrege), details for which are not available. PERSONAL NOTES W. Phillips Comstock is now Executive Representative of the Continental Casualty Company in New York. Harold J. Ginsburgh is now Assistant Secretary of the American Mutual Liability Insurance Company in Boston. James W. Glover has left the University of Michigan and is President of the Teachers Insurance and Annuity Association of America in New York. Winfield W. Greene is now Vice-President and Secretary of the General Alliance Corporation and General Reinsurance Corporation in New York. William F. Roeber is now General Manager of the National Council on Compensation Insurance in New York. Mark Kormes has left the National Bureau of Casualty and Surety Underwriters and is now Assistant Actuary of the Compensation Inspection Rating Board in New York. William F. Somerville has left the Anchor Casualty Company and is now with the St. Paul Mercury Indemnity Company in St. Paul. J. J. Watson is now Resident Vice-President of the American Indemnity Company, Texas Indemnity Insurance Company and American Fire and Marine Insurance Company in Dallas.

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