STATE FIRE INSURANCE

Otago Daily Times, Issue 18676, 4 October 1922, Page 7

STATE FIRE INSURANCE

A SATISFACTORY REPORT. (From Our Own Cohrespondwt t ;■ WELLINGTON, October- 3,1 The annual report of the State Fire Insurance Department states that the progress of the business has proved quite satisfactory, especially in view of the, fact that large quantities cf valuable produce which were in the stores during the previous year have now been shipped, and that a considerable fall in revenue resulted from that source, which, to show an increase, had to be replaced from other sources. Tire total sum assured (now and renewal) during the year was £35,591,889, showing an increase of £2,323,936. The gross income from all sources amounted to £197,693, as compared with £183,190 for the previous year. After deducting reinsurances and return premiums there remains a net income of £150,072. The gross surplus, after paying losses and working expenses, amounted to £59,554. The losses for the year amounted to £38,125 being £7.95 per cent, of the net premium income. This ratio may be regarded as something more than satisfactory, in view cf the very serious run of fires which took place in the early months of the year. The los= ratio is far below the pre-war averages. The working expenses were 51.07 per cent., being a reduction of 0.40 nev cent, on the previous year, and a further reduction may be expected this year owing to the reduction in the cost of living bonus that was paid to the staff and to a reduction in ether expenses. The gross surplus of £69,554 for the year is allocated as follows:—Unearned premima reserve, £-.755; investment fluctuation reserve, £1000; income tax, £24,473; —leaving a net profit of £39.324. The assets cf the office at the close cf the year amounted to £405,301, as compared with £348.390 for 1920. The sum invested at the close of 1921 stood at £335,836, as against £297,732 fer 1920. The accumulated funds are £561.138. Mr C. K. C. Rofcicscn, who was appointed to control the office in _ 1910, now retires owing to the amalgamation of this branch, with the Government Life and Accident Ofiicc. Mr Rcbieson places on record the high standard of efficiency attained by the staff, and the splendid loyalty accorded- to him at all times, and commends specially their very fine efforts and sacrifices during the war period, when 55 per cent, of their comrades'weic serving in the fighting lines.