MARINE INSURANCE PROBLEMS
Mr. R. Olaf Hambro, the Governor of the London Assurance, gave it as his considered opinion at Wednesday's meeting that hull insurance premiums are still below an economic level, notwithstanding the benefits derived from the "hull understandings." The general and intense competition in cargo insurance has also, in his view, brought rates down to a level imposing a great deal of underwriting care. In view of these difficulties it is satisfactory to see that the London Assurance has been able to draw £5o,000 profit from its Marine department and to leave that department with a fund equal to 121.3 per cent, of its premium income.
The difficulties of the Marine department were offset by substantial advances in the other departments. Both the Fire and Accident departments show "excellent progressive de- velopment," and although the new sums assured in the Life department were somewhat lower than in the previous year, Mr. Hambro felt that "there is no aspect of this account of which other than the highest commendation can be given." He disclosed the intention of the company further to develop its interests in Argentina, and announced that a controlling interest in "La Union Mercantil " of Buenos Aires had been bought.
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