Observations on the Latest Reported Stock Insurance Company Expenses for1960 [Discussion]

I1 found Mr. Harwayne's paper quite interesting in that, while aware of the fact that there are wide variations in actual expenses by individual company, this is the first time that I have seen, in exhibit form, average expenses by premium volume and also the range of lowest and highest. To a certain extent I suspect that the difference in expense ratios between the large and small volume writers may be affected by the percentage of large risks to volume. However, this distortion should not affect the basic differences shown in Mr. Harwayne's exhibits.