STATE FIRE INSURANCE.

New Zealand Herald, Volume XLIX, Issue 14930, 1 March 1912, Page 7

STATE FIRE INSURANCE.

— ♦ A SUCCESSFUL YEAR. [BT TKI.EGBAPn. —SPECIAL CORRESPONDENT.] Wellington'. Thursday. The annual report of tho State Fire Insurance Department for the year ended December 31, 1911, was presented to the House of Representatives this afternoon by the Minister for Internal Affairs. It states that tho year has been one of tho most successful yet experienced by the office, the profits being tho largest of any year, with the exception of those of 1910. and the ratio of working expenses the lowest on record. The net premium income was £40,551, an increase of £7192 15s lOd on thai; of 1909. The profit, after appropriating a further sunt of £2877 2s 4d to the reserve for unearned premiums, was £5391 9s lid, as. against £8487 13s for 1910. The net losses amounted to £27,536 lis 7d, as against £18,913 18s 4d for 1910. the ratio of loss to premium income being 57.67 for 1911, and 46.64 per cent, for 1910. " "In comparison with other countries,' the general manager states, "this Dominion does not. hold an enviable position in connection with its fire loss ratio. There are many natural features which contribute to a high loss ratio, but it seems to me that one of the worst contributing agencies is over-insurance. If some means, could he found whereby over-insurance could be prevented or greatly minimised a great saving in national wealth would in my opinion result. That a means can be found to greatly reduce the evil there is little doubt, but i« requires the honest co-operation of all fire underwriters to put any such means sue-, cessfully into operation." - -,'