FIRE INSURANCE.

North Otago Times, Volume CIII, Issue 13651, 19 August 1916, Page 8

FIRE INSURANCE.

SOME ILLUMINATING FIGURES. COMPANIES WORKING AT A LOSS. CHRIBTCHIIBCH, August VI Complaints are 'frequently to be heard ancnt the high premium rates charged by fire insurance companies, and the opinion almost universally held is that the rates levied by insurance companies in ('hristehurch go beyond reasonable limits, To-day a Sun representative approached a gentleman well known in fire insurance circles with a view to gaining some information regarding the actual position, and was told'that the companies, instead of making fabulous' profits out of I heir Christchurch business, had actually been losing money. In support of this assertion, he quoted figures (he accuracy of which he vouched for. From 1907 to 1915 inclusive the amount received in premiums in the Christchurch lire area was ;M,'15,885. During the same period Iho amount paid out with respect to losses was £'121,590, or 90 per cent, of that received by way of premiums. In addition to this, the companies had to pay large sums in commissions, and contributions to Fire Roards. General expenses, rales, and taxes also absorb big amounts, "Therefore,'' he concluded, "so far as Christcliiiroh is concerned, the tire insurance business is being conducted at a loss."