MARXIST INTERNET ARCHIVE | SOVIET ARCHIVES

 Soviet Union Information Bureau

INSURANCE


THE State Insurance Administration was organized in January, 1922. The Insurance Administration writes policies covering fire, life, transportation, hail, livestock, mortality, etc. There has been a particular development of insurance designed to insure the stability of rural economic enterprises. Obligatory insurance in some categories has been established to this end and its scope has been gradually extended.

The growth of rural insurance is shown by the following properties covered by State Insurance policies:

  1922-23 1927-28
Fire (peasant farms) 17,000,000 20,000,000
Cattle (head) 11,000,000 40,400,000
Horses (head) 200,000 18,800,000
Hail (acres) 113,400,000 212,500,000

In 1923-24 the liabilities of the State Insurance Administration, under the head of obligatory rural insurance, were $1,300,000,000. In 1927-28 they had reached $3,664,000,000.

By 1926-27 the number of urban properties covered by obligatory insurance reached 1,330,000.

Voluntary fire insurance, which serves chiefly the needs of trade and industry, by the beginning of 1928 covered 65 per cent of the actual capital of industry, about o per cent of the estimated value of goods in all classes of industry, and about 63 per cent of all housing.

Life insurance was started in 1924. In 1924-25 the amount paid out in premiums was $432,000, in 1926-27 it was $1,390,000.

Amounts paid by the State Insurance Administration for all branches of insurance:

1922-23 $10,094,000
1923-24 34,041,500
192425 49,285,500
1925-26 69,937,000
1926-27 84,872,000