Expensive Insurance Under one of those restrictive rules of Procedure
which often spoil House of Commons debates the recent discussion on industrial insurance was headed off the vital point—that of remedial legislation. But the case for legislation was amply made out in the discussion of the facts brought out in the report of last July. The great companies and societies which operate industrial insurance schemes are successful enough from their own point of view. The total premium income has risen from £86,000,000 in 1920 to £54,000,000 per annum ; and of the latter sum only £22,400,000 was paid out in claims. Of the difference between these totals of annual income and claims paid, no less than £18,400,000 was absorbed by commission and management expenses. However the discrepancy is accounted for, it is obvious that insured persons are getting a poor return on their outlay. We find such disconcerting facts as that in the comparatively prosperous year of 1929 no fewer than 4,750,000 policies out of 10,000,000 lapsed altogether. More might be done to safeguard the rights of poor insured persons by recourse to the Industrial Assurance Commissioner who exists to protect them. When we turn to the question of law it will have to be considered whether wholesale revision of existing legislation is not necessary.
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