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Market statistics can be collected for a number of very different reasons, but in this paper we shall be considering the collection and interpretation of market statistics to be used by a company in establishing relative risk premiums. We are less concerned with the fixing of absolute levels of rates, but more with the provision for individual companies, of standard tables of relativities for different risk groups, while at the same time providing a more valid assessment of these relativities for those risks in extreme cells, where an individual company has very little data.

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This subject covers the supervision of General insurance as currently practised by official Government bodies in the U.K. and possible changes in this practice in the future. Whilst references may be made to the widely differing practices in other parts of the world, there seems little point in discussing these practices apart from their possible impact in this country. It is assumed that those present have a knowledge of Consultative Notes 4, 5 and 7.

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Attention has recently been focused on attitudes approaching national hostility towards profit in this country. It is conceivable that profiteering, that is, making inordinate profits from the consumer, has become confused with profiting. This poses the basic question - when do profits become inordinate?. A standard is required on which to base judgements on excessive profits. One line of argument starts from consideration of the return on the venture capital put up by shareholders. This should be at a premium over the return on that capital if put in a risk-free investment.

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The purpose of this note is to stimulate and guide a discussion scheduled to last for three hours. Its aim, therefore, is to pose questions rather than to answer them; to be provocative rather than diplomatic. I assume a knowledge of the formulae proposed in the DoT's consultative note C.N.7 and its annexes and the current forms of DoT Returns.

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