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movable property). A large number of foreign insurance companies
are represented in various Norwegian towns and rural districts.
One very important branch of Norwegian insurance is marine
insurance. Previous to 1837, when «Den første norske
assuranceforening» (the First Norwegian Insurance Union) was founded in
Langesund, Norwegian ship-owners had been obliged to go for
insurance, as long as the union existed with Denmark, to a company
in Copenhagen, established in 1726, and in the enjoyment of a
monopoly, and after 1814 chiefly to Hamburg companies. The first
Norwegian company was mutual. Subsequently several Norwegian
mutual marine and freight insurance companies were founded; but
business, both as regards these and the marine insurance
joint-stock [[** sjk bindestrek]] companies, has declined considerably of late years on account
of the numerous shipwrecks and the high premiums resulting
therefrom. A number of Norwegian vessels are now sailing uninsured.
At the end of 1897, according to the official statistics, there were
26 mutual marine and freight insurance companies, with net
liabilities of 94.2 million kroner, as against 134.4 million in 18
companies in 1892. In the last-named year, there were 11 Norwegian
marine insurance joint-stock companies (the oldest founded in 1847)
with a net insurance of 168 million kroner (in 1891, as much as
192.6 million), as against 6 and 111 million respectively, on the
31st Dec. 1898. Most of the Norwegian marine insurance
companies have had a common inspection institution, since 1864, in
the Norske Veritas.
Life insurance is now very general among the middle-class
town population, while in the country and among the
working-classes in the towns, it is little practised. The large coast
population, who to a great extent earn their livelihood by fishing and
navigation, have generally very irregular incomes, and this fact,
combined with a lack of talent for saving, places serious hindrances
in the way of general life insurance. In the country, the system
of retaining a pension on giving up the property to the heir, is
a barrier to life insurance. Our first life insurance company, the
«Norske livrenteforening» (Norwegian Annuity Association, founded
in 1844), carried on business until 1871 upon a regular tontine
system, but has since been worked on the ordinary principles of
life insurance companies. In 1847, the «Kristiania almindelige
gjensidige forsørgelsesanstalt» (Kristiania General Mutual Provident
Society) began business with subscribing annuities (until 1890),
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