INSURANCE STATISTICS.

Auckland Star, Volume LVI, Issue 65, 18 March 1925, Page 5

INSURANCE STATISTICS.

BIG INCREASE IN BUSINESS. SOME INTERESTING DATA. The report on the insurance statistics of Xew Zealand for the year 1923, as compiled by the Census and Statistics Office, Wellington, furnishes a lot of information of interest. Reference is made to the fact that both local and foreign insurance companies are required to make deposits with the Public Trustee. Deposits by companies carrying on business in Xew Zealand at the 31st December, 123. amounted to close on £1.000,000, viz., £887.500 by 27 British companies, and f 70.000 by* two foreign companies, upon which interest is payable to the respective companies. A total of 36 offices conducted accident insurance in 1923. The total receipts in 1015) were £456,054, but reached £767,243 in 1923. The total expenditure in 1923 was £707,405, of which £388.903 was for claims. Twelve offices were doing life insurance business in the Dominion in 1923, and five also did industrial business as well. The sum assured increased in 1023 by three millions on ordinary business and three-quarters of a million in industrial risks. In 1919. the total ordinary business by the 12 fire insurance companies ivas £49.072.408, but increased to £63.119.005 in 1923. The industrial increased from £4,011.508 in 1919, to £7,266.524 in 1923. The combined total for the twelve otticc- was £53.G53.97G in 1919, and £70.385.829 in 1923. In 1923 the State Fire Insurance Co. announced a bonus rebate of 15 per cent. The total amount granted in t lip previous period to the insuring puhlic was £141.794, while it is estimated that for the 12 months during which the special 15 per cent rebate would be in operation, it would total approximately £340.000. The gross amount of fire insurance cover in Xew Zealand on December 31. 192:3. was £309.740.593 in 003.303 policies In respect to the nature of a~«ets in New Zealahd of the various insurance companies, mortgage securities have declined considerably in amount, while on the other hand investments in Government securities show a continued increase, due no doubt to the incidence of taxation of interest from mortgage* operating on a sliding scale, whilst the other forms of income are taxed on a fixed scale. The decline in mortgages is a very big one. the total in Ift 10 being £715.994", and in 1923, it was only £359.257. On the other hand, Government securities increased from £240.100 in 1018, and to £1.428.25(5, and War Loans from £1.301.50S in 1919. to £1.075.155 in 1923. X~e\v Zealand local securities held in 1910, totalled £461.591. hut in 1023 reached £1.080.506, cash and othei assets in New Zealand were valued at £G35.225. and in 1923 amounted to no less than £2.184.047. The totals in 1919 assets in Xew Zealand were valued at £3.87fi.055, and in 1923, the amount was £7,335,330. .. .. , ...