HOW NEW ZEALAND INSURANCE COMPANIES ARE AFFECTED.

Otago Witness, Issue 2719, 25 April 1906, Page 32

HOW NEW ZEALAND INSURANCE COMPANIES ARE AFFECTED.

As the result of inquiries made on Friday we learn that the Standard, Victoria. National, and South British Companies have no fire risks in America, and that these companies are not lepreeented by agencies or branches for fire insurance in that country. The National and South British Companies had fire connections with America at one time, but both companies withdrew from American business about 20 years ago. The New Zealand Insurance Company, on the other hand, dops a laige fire insurance business in the Western divisions of America!, and according to a tabulated statement published in the, Coast Review the premiums received by the company on San .Francisco risks at the end of December, 1905, totalled 29,293d01. There appears to be a general consensus of opinion among local insurance men that the immense damage occasioned by the conflagration vow raging- in San Francisco is not covered by the ordiiiaiy conditions regulating fire insurance risks. The "exemptions " in most policies specially provide for non-liability of fire insurance companies where loas or damage by fire is caused by earthquake, hurricane, subterranean fi:e. volcanic eruption, or ether convulsion of Nature. The value of the business "written" throughout California by the New Zealand Insurance Conrpanv for the year v\a? about £1.137,370, and "the total losses paid amounted to £5600. The Royal office is also largely interested. 'lho» p r emiums from its San Francisco business last yea.r amounted to over £16,000. A fair estimate of the enormous risiks held by "the 105 companies doinsj business in San Francisco can be made when it is stated that the total amount i>aid in premiums ia»t year amounted to a shade urder £600,000.