EARTHQUAKE INSURANCE

Hawke's Bay Tribune, Volume XXIV, Issue 80, 16 March 1934, Page 8

EARTHQUAKE INSURANCE

Special Fire Premium Urged TO FORM SPECIAL FUND It is the opinion of the Napier Chamber of Commerce, that the Government should institute a scheme of earthquake insurance, and the chamber will write to the Prime Minister upon the subject, adding that the scheme could be implemented by nn increase in fire insurance premiums, the resultant difference being invested in England. The question of earthquake insurance was briefly discussed by members of the chamber at the monthly meeting last night, when it was pointed out that some time ago a scheme propounded by the Napier Reconstruction Committee covered, broadly speaking, an increase on all fire insurance premiums of one shilling per cent,., which could be transferred to a fund specially created for earthquake risks, and Invested in England. In the opinion of several members who spoke upon the subject, it was ono which required immediate attention. When the Prime Minister was made aware of the scheme submitted seme time ago by the Napier Reconstruction Committee, he expressed the view that ha did not consider it a necessary measure, but in view of recent happenings, said Mr M. B Grant last night, the time was now opportune to bring some such measure into force. He was seconded by Mr M. 8. Spence, and the motion to havo the secretary write to the Prime Minister was carried.