STATE FIRE INSURANCE

Bay of Plenty Times, Volume LIV, Issue 9028, 6 November 1925, Page 6

STATE FIRE INSURANCE

i (Continued from Page -•! ! < year in which the Of.icc s.-.OVred a , , Isßi-back was 1908, when Xa.'W ( was lost as a result of exceptional • i ..jy \\ itl*os I Tl.i 1 ‘> usn n o the Christchurch couhagratton. ]oi;s Hu* Office had recovered . sulhcicully to re-pay with uteres 1 < the v ’' 000 originally bon owe . ami ffiice then has continued m the fortunate position or nciug <l J ( . conduct in large ami e cutiiely whlunil titc ai of borrowed capita!. The Office has hud the support ol the public in an increasing mirree. and h now occupies the lust position among tire offices of the Dominion, both in prenntfm nre y come and in the number ol mdi-j A vidua I pol uyhoj.de rs. This recore A is all the more notable in that Hu- A Office has. throughout its history. V been in active competition with V well-managed private companies. y manv of which were established m y tin; Dominion over thirty years liefore the Slate Fire- Insurance Act became law. , y Firstly by the percentage rectuc-. ■ lions, and more recently by the in- X sfUuiicn of the rebate system, the Y State Fire Office may claim credit V for having reduced fire-insurance A 'rajes to within reasonable distance A of actual? cost, ,a[ a wbrkirm-ex- A 1 icnsc ratio very ccusideraoty love- Y or than the average cl its competitors. and to have thus saved ihe public at least £-1, 000.000 in the last twenty'years. Throughout its history the loss ratio of the Office has, fortunately, been consistently Jiowcr than the average -of other offices, but it is recognised that an abnormal loss, cine to a conflagration or bush-tires, such as occnrreci in 1908,. is one of the hazards of the business, and for that reason stroiur reserves are essential. These are beins' established concurrently ! with Ihe declaration, of ihe re-