Fire costs in N.Z. $150M p.a.
PA Wellington The cost of fire in New Zealand has been estimated at more than SISOM a year. This figure includes estimated under-insurance and nominsurance of assets, according to ,the latest bulletin from the Insurance Council. The council reported that during 1977-78 claims paid by fire-insurance companies increased by 29 per cent, from $48.5M to a record payout of $62.6M. The average claim rose 56 per cent, from $376 to $587. Several factors caused the big increase, the council said, including higher values of assets at risk, more big claims, and increasing costs of claims in both domestic and commercial premises. The council said that surveys indicated under-insur-ance of up to 36 per cent in New Zealand.
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Press, 18 August 1979, Page 2
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123Fire costs in N.Z. $150M p.a. Press, 18 August 1979, Page 2
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