QUEENSLAND INSURANCE
Record Group Net Profit
(N.Z. Press Assn. —Copyright) SYDNEY, Dec. 2. More stringent selection of motor vehicle risks accounted for a large share of the improvement in Australian and New Zealand trading by Queensland Insurance, Ltd., in 1964-65, said the ehairman, Mr S. E. Wilson, at the annual meeting in Sydney yesterday. Queensland Insurance’s loss ratio was trimmed by 3 per cent to 65.04 per cent in the year to September 30—giving a 28.9 per cent rise in group net profit, to a record £868,039. Although fire business contributed its share of the latest year’s profit, it had been at a reduced ratio, said Mr Wilson. More careful selection and a stricter application of underwriting principles were necessary. More Burglaries Burglary was another source of higher insurance losses as the number and seriousness of claims from this class of business continued to increase.
The problem of motor vehicle insurance was common to all countries, and insurers throughout the world were trying to find solutions to the ever-increasing incidence of losses.
Mr Wilson added that insurance companies did not want to see premiums rising to an unreasonable level as it was already expensive to keep a motor vehicle on the road.
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Bibliographic details
Press, Volume CIV, Issue 30924, 3 December 1965, Page 21
Word Count
202QUEENSLAND INSURANCE Press, Volume CIV, Issue 30924, 3 December 1965, Page 21
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