Page 8 Advertisements Column 6

New Zealand Herald, Volume LX, Issue 18530, 15 October 1923, Page 8

INSURANCE ' COMPETITION. An article appearing in the New Zea- : land Herald of ; ' the sth October, 1923, headed ' f "Insurance Competition," has been brought under- the notice of a prominent insurance man in Wellington, who, by, reason -of the s inaccuracies .which' he declares,: the article contains,: has ; reluctantly been compelled .;■ tqi ',-.■'? take \ notice thereof, and write as follows:— ' - ' v ."That the contribution erred to is an inspired ; article, ; published by arrangement,- j seems obvious, 'as an almost identical ; manifesto article appeared ..-in'(^ the Otago Daily. Times, . Dunedm, of the same' date. <■.■'-.." ■ "The object of the article appears to be to' disparage 'British i. insurance offices' which have pot their head offices domiciled in New Zealand, because apparently some '•_" local insurance company has" \ lost a desirable client or connection in Otago, but the writer is ; evidently unaware, or if ■■•/aware prefers to ignore s the fact that the New Zealand companies, except the State office mentioned by '■;', him, secure a large ■ part •of their business outside ■ New Zealand,, and in the case : of the two premier companies */.' the yl larger - V portion of.*. their business and • their profits tare secured outside the Dominion. ■■;; '.'ln- places: beyond VNew Zealand these companies claim ;■*:■ and are V acceded equal opportunity % "•'■enlarge rand extend their respective businesses. ' "If the same altitude -were adopted in other parts of otc Empire where :.these companies: trade, as ; the , L article , suggests for companies not ;■■' having 'i their head offices in New Zealand,, they would "be driven back to living on the New Zealand business, and a very poor living . that would bo. - "As far as insurance companies in New Zealand 'are ) concerned, all companies are I practically j: oh an equal, footing with a | natural slight advantage in 1 favour of the | local company. - •; ■ ."The writer .■;; of'.-the'"': manifesto is' quito | wrong in thinking that • the British comI panies, ; with huge funds, pay, the biggest j prices i for business. It is .the smaller i company, generally speaking, which ; is ! fighting : for position, that -is forced to offer the highest 'terms.- The big British offices reserve their funds for the protection of their clients. . -.-•'. ■?,'■.'■ "I understand that, in two of the cases ; cited ■■ by the ; writer of , the contribution under notice,. identical; terms were quoted by ;.;both the local ■company and ■ the ; English company, but one only could secure . the ,business, and -.; it went,; in -both cases to'the" English office as a result of fair and open competition. ; 1 ''The'■ article bristles with inaccuracies; and sis so misleading that I feel compelled to ."-■; take : notice of it, but why the grief , over the : loss of , some v insurance connections in Otago should be the subject of Press announcements throughout the Dominion, it "■ is■■ hard K/ to ■'understand \ (Published by ■ arrangement.); - : -- ■'■■ ; % - I

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