INSURANCE OVERSEAS
‘Contracting Market* (N.Z. Press Association > AUCKLAND, September 13 Insurance companies wen playing a large part in con serving New Zealand over seas funds, Mr J. D. Murray, fire and accident underwriter for the New Zealand Insur ance Company, Ltd., said on Saturday. Speaking at a seminar of the Auckland branch of the Chartered Institute of Secre taries, he said the overseas market for insurance was rapidly contracting. For political or economic reasons opera tions in some places were restricted or had stopped. New Zealand companies were not spending as mucl overseas to reinsure or ob tain insurance. An Air New Zealand DCB worth £2.5 mil lion had a public liability ol £5 million and a passengei liability of £5 million. Thu meant £lO million was tied up in one machine and a large part of this was in sured within the country.
Most of the £2O million Manapouri power project con tract was insured in New Zealand. So were other big works.
Increased liabilities meant more revenue. They also meant more responsibility, he said.
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Bibliographic details
Press, Volume CIV, Issue 30855, 14 September 1965, Page 10
Word Count
176INSURANCE OVERSEAS Press, Volume CIV, Issue 30855, 14 September 1965, Page 10
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