DIFFICULT TIMES

Evening Post, Volume CXXVI, Issue 58, 6 September 1938, Page 12

DIFFICULT TIMES

INSURANCE BUSINESS

CONCERN OVER FUTURE

A statement that the future for fire and accident insurance was likely to be difficult and was causing great worry to the companies was made by Mr. D. W. Duff when the claims of the New Zealand General Insurance Industrial Union of Workers were being discussed in conciliation council.

His remarks followed an interjection by Mr. E. E. Hammond, union assessor, that the story "can't pay" had been heard for the last twenty years. It was "rubbish," he said. Returning to the subject later, Mr. Duff said the times were difficult for the profession now and would be more so in the future. The companies had the foreknowledge that certain lines of their business would probably be cut off. He urged the union not to adopt a short-sighted policy. It should consider what lay ahead. If the union went too far it would be a "toss up" as to what happened. Business figures this year would be less than last year's and less again next year. "You know what effect certain legislation is going to have on our personal accident business," he said. "It is sticking out a mile and you can't shut your eyes to it." Mr. Hammond: The people I am representing will meet your difficulties more readily than you are meeting theirs. "It is claimed that the conditions of insurance in the Dominion are not as good as they were a year ago and also that the insurance outlook is not as bright as in years past," said Mr. W. J. Mount joy.