Earthquake Fund Total

Northern Advocate, 20 July 1949, Page 4

Earthquake Fund Total

WELLINGTON. Wed. (Sp.)— The earthquake and war damage fund has now reached a total of £6,229,326, according to the annual report of the commission for the year ended March 31, which was presented in the House of Representatives yesterday. In Jhhi Ihe fund totalled £ -1,830,228. The report, stales that, in pursuance of the policy of the commission to obtain reinsurance against severe loss, negotiations in London have been completed for an excess loss contract of £4.750,000 at a rate of 5/- per cent covering loss in any part of New Zealand. Practically all companies operating in the Dominion participated. The total w;is less than was aimed at, but it was hoped that continued (negotiations would eventually provide a satisfactory extension.

claims A total of 343 claims was lodged against the fund in the year under review, compared with 401 in 1048 and 134 in 1017.

Earthquake damage was claimed for in localities from Coromandel to Invercargill. The most damaging shock again occurred in a rural area, where buildings were mainly of wood. The strongest earthquake, which was measured at force seven on the modified Mercalli scale, occurred in North Canterbury in May. 1048. There were 230 claims. Other shocks listed were one of force four in Wellington in December, when 18 claims resulted, and force six in the southern North Island and northern South Island in February, 1018, when 10 claims were made. PAST THREE YEARS The following table gives a comparison over the past three years: INCOME

The ratio per cent of working expenses to premium income, inclusive of discount to insurance companies, was 1.005 in 1947, 0.789 in 1948 and 0.797 in 1949. The balance sheet shows that *10.075,600 is held in New Zealand Government and Imperial stock.

1917 1048 1943 r E E Premiums 410.060 491.933 540.704 Interest 91,660 129,957 129,591 OUTGOINGS Claims 1.779 7,917 12,876 Salaries - - Other working 2 ifi2 2 108 2.643 expenses Discount to in2 166 1.-410 1.665 stil'. offices 9,965 11,843 13.573 Surplus •433.353 601,633 300,013