FIRE INSURANCE.

Hawera Star, Volume XLVIII, 17 June 1924, Page 4

FIRE INSURANCE.

BUSINESS BY THE STATE. When opening, the new offices of the State Fire Insurance Department in New Plymouth, the Hon. J. G. Anderson, speaking of the business done by the Department, said that the premium income had increased from £142,591 in 1922 to £154,104 in 1923. and Josses were £46,178, which was practically the same as for 1922 (£46,090). In the number of policies now being handled (over 90,000) the office was well ahead of any other insurance office in the Dominion, whether fire, life, or accident. One of the most satisfactory features "'as the reduction in working expenses from 28.86 per cent, in 1922 to 27.66 per cent in 1923. It was gratifying to be able to say that working expenses’ were the lowest since the inception of the office. The ratio compared most favourably with that of other leading offices in the Dominion, being 11 per cent, below the average l'atio of 1922. the last year for which figures were available. The result had the special merit of being achieved without the advantage enjoyed by other insurance companies of being able to share expenses with other branches of insurance

During the last five months of 1923 the board, having considered that the position of the department warranted a rebate to policy holders for one year, 15 per sent, rebate was paid out, the amount being £lO,965. On the whole 12 months that concession would amount to between £27,000 and £30,000. As private companies, for competitive reasons granted similar rebates, the total reduction to the public would amount to not less than £300,000. which must be admitted to l be a substantial reduction to be brought about in one year through the operation of the State Fire Office.

'Die surplus for the year, continued the Minister, after providing for 15 per cent, rebate (£10,996), depreciation of office premises and furniture (£8.442) and special reserve (£5000), amounted to £38,877. Assets now totalled £493.961 (1923) compared with £447,605 (1922). This was not a bad reserve fund, thought the speaker, to have after 18 years’ working.—Herald.