N.Z. INSURANCE COMPANY

Press, Volume LXXXV, Issue 25878, 10 August 1949, Page 8

N.Z. INSURANCE COMPANY

CHAIRMAN’S ADDRESS, AT ANNUAL MEETING (New Zealand. Press Association.) AUCKLAND, August 9. The insurance business in New’ Zealand, .. although still of great value and merer than holding its own, was a falling proportion of total business, said the acting, chairman of the New Zealand Insurance Company (Sir James Gunson) at the annual meeting to-day. The Government'! action in making a State monopoly—with'A' minor exceptions—of employers’ indemnity insurance was a great blow. Many em- S > ployprs were now being called upon *to > pay heavily increased premiums. “Nor will the workers benefit to any.'*4 extent, as they cannot reasonably expect to receive from a Government that prompt and generous settlement of their ordinary compensation claims Vvhich has always been extended by insurance companies.” said Sir James Gunion "There is now no alternative available la the face of any inattention or discourtrnyu no other insurer is allowed to competed Implementation of the Labour Party’i nationalisation policy would cut deeply, af the root of all free enterprise and ultimately destroy the initiative and development of industry. New Zealand had many services which were appropriated for State ownership? If the Dominion would stop at that and allow freedom in trading the future would be more assured. Looking overseas. Sir James Gunaon said that the steady development of operations in Britain was anticipated, but the United States of America was the most valuable of all fields. Extension of marine insurance there had been made by the company in the last two years. South Africa, East Asia, and the Near East all presented difficulties, but conditions in the new State of Israel had improved. Greet importance was attached to business in India and Pakistan.

In China business had been only nominal and the utmost prudence had to‘ be exercised there. In Japan It was confidently expected that it would* be possible, to re-enter the underwriting field mainly for marine insurance. Australia, although prosperous, was now suffering through labour unrest, but. taking the long view, the company saw great opportunity for business there.