Insurance Companies Association.

Auckland Star, Volume XVII, Issue 213, 10 September 1886, Page 3

Insurance Companies Association.

The yearly meeting of tho representatives of the various Insurance Companies was held yesterday afternoon at the rooms, Fort-street. Mr Tait, of the National Insurance Company, occupied the chair, and read the retiring Chairman's address, which reviewed the proceedings of the past year. He pointed out that the record of fires and losses had been exceptionally heavy during the past twelve months, approximating probably £55,000 duiing that period—causing considerable anxiety, and exercising the minds of members on the subject of remedial steps to lessen the scourge. An effort was made to obtain a classification of losses, and it was to be hoped the desirability of furnishing such returns would commend itself to members, and lead to unanimity of' action in- this direction. Such data would prove valuable and instructive, and furnish ample matter for reflection. He congratulated them upon the loyal manner-in which tho tariff regulations hud been kept up. This was their bond of union, and aa such should be held sacred and inviolable. He thanked the Rating Committee for 'he support accorded. Undue eag ruess to do busines?, and at any price, appeared to bo the bane of underwriting. Excessive competition brought about low rates; low rates induced over-insurance : over-insurance produced frequent and disastrous fires ; and frequent and disastrous fires absorbed profits, and made tho payment of dividends like angels' visits, few and far between. In concluding, Mr Tait thanked tho members for the uniform and kindly consideration accorded to him during his term of office, and for their oordiul assistance in conducting the businofs of tbeAssociation. Mr J. Buttle (New Zealand _In3urahce Company) was elected Chairman for the ensuing year, and the proceedingeclosed.