HEAVY FIRE LOSSES.

New Zealand Herald, Volume LX, Issue 18551, 8 November 1923, Page 13

HEAVY FIRE LOSSES.

POSITION IN N.S. WALES. • [FROM our own CORRESPONDENT.} SYDNEY, Nov. 1. Claims on insurance companies in New South Wales on account of fire losses are each year absorbing more of tho premium incmie. Six years ago less than half of the premium income was paid out in losses. For the year ended June 30 last more than two-thirds of the premium income was absorbed in losses. The growth has not been of a year, but it has been steady throughout the whole period. An illuminating table has been prepared by the Government Statistician, giving net premiums, net losses, and the total expenditure of companies doing tire insurance business in New South Wales. Tins shows that, in 1922 the net premiums totalled £1,884,509; the net losses, £1,192.576, and the total expenditure, £1,988,614. In 1923 the net premiums totalled £1,856,799; the net losses, £1.282,967, and the total expenditure £2,055,274. It will be seen that the last two years' expenditure has exceeded premium income. Dividends have been paid largely from interest on invested funds. j