STATE INSURANCE

Evening Post, Volume CIII, Issue 55, 7 March 1922, Page 8

STATE INSURANCE

FIRE DEPARTMENT'S PROFITS,

The report of the head of the State Fire Insurance Office to the Minifster for the year ended 31st. December, 1921; shows'.a very satisfactory position.: ," The surplus revenue-; account' ,ig , the greatest yet realised,'with" the exception; lof that for the/year 1920, states Mr.. I Robieson.. ; .The progress, of the business has .also proved quite satisfactory, especfally in yievv ; pf the' fact that large- ■ quantities of valuable 'produce ,in the stores during the previous year have now Ibeen shipped and a considerable fall in revenue from that ..source! resulted, and> had to ■ be replaced from other sources. Thfi total sum-assuredjnew and renewal,during the year was £35,594,889,. showing an ■increase of £2,823,938. *; Thej gross in.cpnicfrpm jail sources amounted t6v£l^s--839 lOsi'as compared :'With';£lß3^l9o %i ;10d for the previous year; < After deducting ■.reinsurances arid ; rettirnfed premiums, there ■ remained a net income Sot £150,072 , l?s;. SB. .■. ■ ; , it. ;. After: paying losseSj aWdv,working expenses, the gross surplus am panted ftp £69,554 5s 6d; and this amonnt will ,fo allocated as follows :-^-Unearried premium reserve, £4756 45.2 d; fluctuations treserve, £1000; income tax;.£24;----473 10s, leaving a balance of Viet profit 'M , £39,324 lls 4d. ;i(Losses for, - the , -yea» amounted tn £38,125 i3sod,.beirie 27.95: per cent; of, the net, premium income.. This ratio may be regarded as something more than satisfactory, in view ,of; the very serious run of fires which took place ; in. the early months of'the: year. The loss ratio is far below pre-war averages. ;The working •• expenses; were * 31.07 per cent., being a reduction,pf 4 per pent, on Itnn pr^vions year, and;:a further con-, siderable- reduction may be expected, this year owing to' the reduction in !the' cost-i of-living bor/us paid to the staff; ' ':"■:' Tlie'accumulated: fun(l« at-the close of 1921 V amounted to £361^3,38 2s 7d, .beingian increaßo of £45,080 15s 6d lover those of.the previous year. . ;,. x : - :';.■■