REFUGE ASSURANCE COMPANY
The Refuge Assurance Company is among those under- takings which specialise in both Industrial and Ordinary life assurance, and the chairman, Mr. J. Wilcock Holgate, re-
ported good progress in both branches : the ordinary branch premium income for 1938, he announced, was £4,691,372, showing an increase of £63,536; the industrial branch had a premium income of £5,994,708, an increase of £140,972. He traced a development in the industrial branch very similar to the change which took place in the ordinary branch in earlier years, whereby kmdowment assurance had largely taken the place of whole life policies. In 1913 no less than 93.3 per cent, of the industrial policies were whole life assurances. In 1938 the percentage had fallen to 53.9, while in the same period the proportion of policies containing at least some en- dowment benefits had risen from 6.7 per cent. to 46.1 per cent. This led him to the argument that industrial and ordinary assuramze were not mutually exclusive but comple- mentary, that many people begin in the industrial branch and graduate from it to the ordinary branch, and that many families might find a place for both classes of insurance.
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