INDUSTRIAL LIFE ASSURANCE

Press, Volume LXXXV, Issue 25737, 24 February 1949, Page 5

INDUSTRIAL LIFE ASSURANCE

BRITISH FIRMS TO RESIST NATIONALISATION & p.m.) LONDON February 23. British industrial life assurance companies which specialise in door-to-door collection of premiums have decided to band together to resist anv attempt by the Government to nationalise them. As notice of their intentions they have submitted a memorandum to the executive of the Labour Party which is at present considering tresh nationalisation projects. The companies’ memorandum maintains that industrial life assurance is already adequately supervised by the State through the Industrial Assurance Commissioner, that nationalisation might mean the cessation of door-to-door collection of premiums, that it might well mean higher premiums and the loss of bonuses, that a drop in life assurance would be a blow to the encouragement of thrift and that nationalisation of this particular type of insurance would have grave repercussions on other forms | of British insurance business. Industrial life assurance companies operating m Britain, of which the giant Prudential Assurance combine is the largest, collect £100,000.090 a year tn premiums from 10,000 000 fe hold n- They em Ploy more than bb.OOO collectors. A recent survey showed that nine out of 10 wageearning families in Britain have industrial life policies, paying an average premium of 4s 3d a week.