TOTAL NOW £4,381,213 SMALL. AMOUNT OF CLAIMS Parliamentary Reporter. WELLINGTON, this day. The Earthquake and War Damage Fund has accumulated assets totalling £4,387,881, according to the annual report of the commission presented to the House of Representatives yesterday. The surplus for the year was £408,734 and the total of the fund at the end of the year was £4.381,213.
When the premium was 5/ per cent the income reached its peak point of £1,611,218, but last year, when the new arrangement operated under which the war and earthquake risk was covered at 1/ per cent on the amount for which properties are insured, the total premiums were £320,274. Heavy accumulations of premiums enabled interest totalling £99,516 to be earned..
During the whole history of the fund claims have amounted to only £1093, including last year's payments of £82, when, according to the report, two claims for earthquake damages were investigated and admitted.. The commission has spent a considerable amount of time in dealing with applications for insurance under the voluntary provisions of the Act. Many relate to types of property not insured against fire, but are liable to earthquake damage risks. Of this class those which are considered acceptable are being charged differential rates of premium.
A survey of buildings for the purpose of framing suitable insurance standards when sufficient data has been collected is proceeding slowly, states the commission. More rapid progress is not possible until additional staff is available to undertake this expert work. The payment of discount at the rate of 2-i per cent for the of premiums, applied throughout the year, the total discount paid to insurance offices being £7891. Prior to March .1, 1944, this work was undertaken entirely gratuitously. Reduced premiums have also "contributed to a rise in the percentage ratio of working expenses to income.
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EARTHQUAKE FUND, Auckland Star, Volume LXXVI, Issue 176, 27 July 1945
EARTHQUAKE FUND Auckland Star, Volume LXXVI, Issue 176, 27 July 1945
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