MORE THAN £400,000

Hauraki Plains Gazette, Volume 48, Issue 2887, 31 March 1939, Page 6

MORE THAN £400,000

COST TO INSURANCE COMPANIES RECENT VICTORIAN BUSH FIRES It is estimated that more than £400,000 will be paid by insurance companies in claims arising out of the recent bush firee. This was announced by the chairman of the Victoria Insurance Company, Ltd. (Mr L. F. Miller) at the half-yearly meeting in Melbourne. The Victorian Company would lose more than £20,000' in Victoria on risks spread throughout the affected areas, Mr Miller said. Some other companies had also suffered losses of similar amounts. Losses in neighbouring states were not so considerable. 'Cause of bush fires and what steps should be taken to reduce their intensity were of great importance to the state. Losses of wealth —forest timber —which could not be made good affected everyone, he pointed out. Insurance companies had contributed in some degree to reduce the cost of the material loss caused by the fires which ravaged the eastern, north-eastern, southern, and western portions of the state. The half-year’s transactions had been favourable. Income was larger from premiums, interest, and rent. On the other hand, charges and losses were up, but not out of proportion. Mr Miller stated that the bush fire losses would be taken into account in the current trading period.