INDUSTRIAL ASSURANCE.
some interesting points were touched upon by Mr. W. H. Brown, the Chairman of the London and Manchester Assurance Company, at the recent annual meeting of that Institution. Among other things, Mr. Brown referred to the fact that the Company's Industrial Branch was solely concerned with weekly payments, the monthly premium policies being issued only by the Ordinary Branch. The expense- of the weekly system is necessarily considerable, but the Company has been successful in reducing itg,„,,costs__nnaterially. The Chairman;-
however, pointed out that no comparison of an Office with another on the expense side was fair unless it took into account
the composition of the business, for a reduction of expensesover a period might be due not wholly to good management, but to an increasing proportion of the more. highly -rated endowment policies against _the low premium- whole life policies. The London and Manchester is now distributing a bonus to industrial policyholdeis, and it must be remembered ! that the policyholder does not even pay a higher premium for it, as with a participating policy in non-industrial life assur- ance. There has undoubtedly been a considerable improve. ment in industrial life assurance, and the Chairman of the London and Manchester Assurance maintained that any com- pulsory changes might have the effect of stultifying some of the voluntary benefits and advantages which were being given to policyholders.
• * *
Previous page
