It will, I think, be admitted by all who have given this matter any serious thought that it is impossible to deal adequately with the subject indicated by the above title, as in the first place the paper would run to an inordinate length, and in the second place the time is not yet when the effect of the war on the operations of insurance companies can be correctly measured. It may be that many years must elapse before things can be seen in their true perspective, and incidentally, I suppose, there will always be a certain difference of opinion as to how far any particular results can be attributed to the war itself, or to what extent they were influenced by other factors.