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alien insurance companies act.
(591
terest. According to the modified law an estimate of expenditure shall also be
included in the principles for the computation of the premium reserve.
Maritime Insurance. In its preamble, the Maritime Law of 1667
expressly mentions among the "useful discoveries" that have rendered
the new law necessary, "bottomries and insurances", and the actual text
of the law contains an insurance section, divided into eighteen short
chapters.
When that Act was issued, however, Sweden did not possess any insurance
companies of native origin, with the possible exception of a few stray "private
companies" (enkla bolag), in the shape of more or less permanent associations
of private maritime insurers, who through the agency of ship-brokers took over
maritime risks. Swedish ship-owners and merchants were in most cases obliged,
for maritime insurance, to have recourse to private insurance companies of a
similar kind abroad — doubtless mostly in the Netherlands and in the Hansa
cities of northern Germany; according to an estimate in 0. v. Dalin’s "Argus"
published in 1733, the maritime insurance premiums dredged the country
annually of 1 million Dutch guldens. But by the Royal Ordinance of the 4th July
1739, in response to a petition presented by the Estate of the Burghers, a charter
was granted and "rules of association" were authorized for a company based on
voluntarily subscribed stocks and limited liability, designated the
sjiiassuranskoin-paniet, the Maritime Assurance Society; it began its operations in the
following ■ year, and was thus one of the earliest insurance companies in Europe
in the maritime insurance line. The second Swedish company of the same
nature, the Stockholms Sjöasssurans Sällskap, the Stockholm Maritime Assurance
Society, did not receive its charter till 1816. In 1844 was formed the first
large mutual insurance company in this line of insurance, notably the Stockholms
Sjöassuransförening, the Stockholm Maritime Insurance Union, which however,
like the two companies previously mentioned, has now passed out of existence.
The very considerable development that native insurance business has
now attained in Sweden —- for considerable it is for Swedish conditions
—- does not date further back than the sixties and the seventies, when
several joint-stock companies based on entirely modern principles were
brought into being. At the termination of 1912 there were 10 of these
companies in operation: the Gauthiod (chartered in 1863), the Stockholm
Sjöförsäkringsaktiebolag (1867), Ägir (1872), Ocean (1872), Sveriges
Allmänna Sjöförsäkringsaktiebolag (1872), Vega (1882),
Sjöassurans-kompaniet (1889), Öresund (1890), Hansa (1905), and Nordisk
Yacht-assurans (1905). In the same year 30 mutual Swedish companies were in
operation, among which the Sveriges Ångfartygsassuransförening, the
Swedish Steamship Insurance Union, is the most considerable. In
Sweden the speculative business enterprises play a far more important
role in maritime insurance than the mutual institutions, which, as a general
rule, is also the case abroad. Besides the Swedish institutions, there were
operating in this branch of insurance in Sweden in 1912 also 9 foreign
companies: a few of which also give insurance on values. The business
transacted by the said companies in 1912 aggregated the following amounts
in kronor:
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