Insurance Coverage 1930
MORE BILLIONS FOR INSURANCE
SOME insurance readers of these columns were surprized some weeks ago to find a writer trying to impress his readers with the magnitude of the insurance business, and then citing figures which failed to show the full extent of that business—by a great deal. In fact, an insurance weekly, The Insurance Field of Louisville, Kentucky, finds the writer we quoted, Mr. J. C. Royle of the Consolidated Press, some $400,000,000,000 short in his estimates.
Mr. Royle was quoted as putting total insurance coverage at $100,000,000,000. The Insurance Field points out that this mark was reached some years ago.
It says that life insurance alone totaled $100,122,000,000 away back last August. And adding to that figures presented by Gen. Frank S. Dickson of the National Board of Fire Underwriters, putting coverage under fire, marine, and allied lines at more than $228,000,000,000—why, “that gives a total coverage of over $328,000,000,000 without counting casualty, surety, and miscellaneous lines, in which the liability is contingent to such a degree as to make any definite statement of ‘coverage’ inaccurate if not impossible.”
The Insurance Weekly goes on to quote more figures. But it first makes the incidental remark that “there is no such word as ‘coverage,’ altho the term is gaining recognition, and some day may call for attention from the ‘Lexicographer’s Easy Chair.’” And right here we can cite a definition for the benefit of The Insurance Field. The latest edition of the Funk and Wagnalls STANDARD DICTIONARY defines the word “coverage” as “the sum of the risks which an insurance policy covers.”
Insurance Coverage continued here
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