Full text: Iceland 1930

In 1918 was formed Sjévitrpggingarfélag Islands (The Icelandic 
Maritime Insurance Company). This is a joint-stock company, insuring 
against any maritime perils, and since 1925 it has also transacted fire 
insurance business as well. In 1928 the takings of the company in the 
form of premiums for these insurances were 480 218 krénur and 146 290 
krénur respectively. 
Samtrygging islenzkra botnvérpunga (The Icelandic Steam Trawlers 
Mutual Insurance Association) was formed in 1923. It is a mutual 
company, which insures steam trawlers and other steam ships engaged 
in the fishing trade. In 1929 its premiums amounted to 528 000 krénur. 
Fire Insurance. Brunabdtafélag [stands (The Icelandic Fire Insu- 
rance Company) was established by an act of Althingi of 1915. It is 
a mutual company, backed by the treasury fo an amount not exceeding 
800 000 krénur, and undertakes the insurance of houses in towns (except 
Reykjavik) and villages of 300 inhabitants and upwards, where insurance 
upon houses is compulsory. The company may also extend its business to 
include movable property as well. The insurances taken during the 
year ending in 1929 amounted to 43 million krénur, and the premiums 
to 266759 krénur. 
Under an act of Althingi of 1905, 50 (out of some 200) parishes 
have formed small fire insurance societies. A Common Fire In- 
demnity Fund for Rural Farms, managed by the board of directors 
of the Icelandic Fire Insurance Company, reinsures for the parish so- 
As regards Reykjavik, fire insurance on houses has been compulsory 
since 1874. According to a contractual arrangement all houses in 
Reykjavik are insured with a foreign fire insurance company. This in- 
surance for the year ending in 1929 aggregated 75.8 million krénur, 
while the premiums taken were 170 000 krénur. 
Life Assurance. There is in Iceland no native company or in- 
stitution, which transacts general life assurance business; but two 
Funds have heen established to provide pensions to cfficials employed 
in public service. In 1919, when an amendment to the act respecting 
salaries to civil servants was passed by Althingi, the right to pensions 
from the State was abolished. But at the same time the Civil Service 
Pension Fund was formed, to which the State made a grant of 50 
thousand krénur once for all. Every civil servant must pay to this 
fund 700 of his annual salary to provide a pension for himself on re- 
liring and assure the same advantage to his widow. The Fund is ad- 
ministered by the government which is answerable for the payment of

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