OUR FIRE WASTE.

Dominion, Volume 6, Issue 1792, 3 July 1913, Page 7

OUR FIRE WASTE.

HEAVIEST IN THE WORLD. "This- Dominion >ig in tie unenviable position of having .to shoulder per capita probably tha largest consumption' pi wealth by fire of any. civilised country to-day," states the General Manager of the State Firo Insurance in his. annual report presented' to the House of Representatives yesterday/ "The United States of America is, however,, a close competitor., A 1059 of over half a million sterling .is a serious matter'for so young a country with so small a population. Wealth consumed by fire is a- national loss. . Although calls may be readily inet by insurance companies, it piuat not be overlooked that in turn the' insuring public are taxed by way' of insurance premiums in ratio to the losses incurred. ■ Whilst losses' remain high the premiums paidi miist be relatively 'hii;h. /The total firp losses over a period of ten years probably exceed J28,0PQ,0b,().. The question which naturally arises is, 'How : pail this hugq loss'Jje minimised?' "Qenprjilly speaking, the reply is, ip. jny opinion, as under:— (a) By preventing numbers pf attached wooden. t>uil<iinEf3 being erected _ without r efficient breaksoosr s brick dividing-walls sufficient to check a. fire.. (b) By insisting ,that brick, stone, 1 or concrete buildings Khali be nrpvided with noh-cpmbijstible floors and structural interiors, and. that exposed openings shall be protected where such buildings are erected in closelybuilt areas.' (c) By preventing the erection of faulty brick -fire-stacks. (a). By taking' steps, to eliminate as far as possible over-insurances, To meet (a) and (b), building; regulations having the force of law should be provided, and '(c) and (d) by efficient systems of inspection. "Over-ins'urance'is.' in my "opinion, ono ■■'of the chief factors, in causing the present loss ratio. It could bo largely prevented if joint action were taken by all the insurance offices.' Tha office- Which liow declines to' insure up to the full value, or to over-insure, loses the business to some other.office with' more elastic regulations. I can. unhesitatingly -state that at the present - moment there' are many:hundreds of policies cuTrent in.the Dominion which cover property for more than the value, and which afford a strong incentive to incendiarism. Over-insurance 19,-of course, not confined'to New. Zealand ; it as now attracting some attention in the. .United States,.lymjchvmntry is Ne>V > Zealaid closely : for the doubtful honour of banns ;/th© t highest Ices ratio in the world; an.J u P^,^ e surance offices associate fight the evil whole-heartedly and Jionestly, many thousands'of^ounds' "will 'continue to to. sacrificed, yearly." . ; .