NEW ZEALAND INSURANCE COMPANY.

Nelson Evening Mail, Volume XLII, Issue XLII, 13 February 1908, Page 1

NEW ZEALAND INSURANCE COMPANY.

j rUHtrED Paras ASSOCIATION J AUCKLAND, Wednesday, j. At the annual meeting' of sharehold- ■ ers of the New. Zealand" Insurance Co. to-day, the "Chairman, : Mr S. Thome - George, said the premsuni f income for the last year had constituted a record; amounting -to -£616,"416;'-, being an • in^ crease on the previous year of £51,268. ■As regarded"the San Francisco disaster, the Company's estimate ofa r £285i694: for. these losses " had'' beehi -ample^ahd • now that they had been •' virtnally P> ' settled there was a small surplus -."from _ this - amount in tbe'.Ctompany.'s';. fayoor. - The losses during the year~ -amounted 'to £406,577, the loss ratio t6 premium in-~ come bein 65.96 per cent." ".Tne'directorsrecommonded tlmt ont -of.-.-, the available for" appropriation. = £25,000 _ be transferred to the reserve; fund;.' which would then-'arhount, ■•! to'.' £loJ",0U0; ' and £35,000 to the reinsujrance' i ;fund> which would then stand aY £23;500; ■ The^ balance pf £2^674 •Vfas^to /be carried forward to thejlew accounty -of 'which, the directors recommended the' payment of a dividend 'at the. rate of. Zs a share, amounting to £15,000, .and making ■ 10 per cent for, lhe year: - Proceeding then - t .so discuss iittrance rates, the Chairt man .said an" aihended -Fire \ Brigades I Act was passed 'during-- the .last session 'of : Parliament, '. ajagi, existing ? fire brig ades, and 6th&s';.n6w^' being, formed > J wiU shortly be opeTaUng 'under the Act. j This witi m^R "»f extra -expense. te the . companies, arid one, that j ii sure to.gfOTr'ae^fflew fire' boards ara.. .:. I formed frornftime'Ho Vtiineyr and; as tjie ". insurance : companies/ g^eraUy'. r ;have not found that .'underwriting; in thY", Domi- [ nion durih'g';in^ : last''feir years' has been I profitable,- and as.: they-are'. hofc'^phllan- ! throphio institutions",^ it'.will-tbe r]eces- ' sary, in order to meet. this riep Act tax,' . that the tariff be raised, and a probabio : return to something nearer the rates of 1903 will be needful, so that' under, .writers may obtain a fair return ipt I the risks they are undertaking: The re, j tiring directors were re-elected.