INSURANCE PREMIUMS

Poverty Bay Herald, Volume LIX, Issue 17957, 8 December 1932, Page 11

INSURANCE PREMIUMS

REDUCTION NOT WARRANTED (Per Press Association.) WELLINGTON, this day. In the House-of Representatives today, Mr C. ,H. Clinkard (Coal., Rotorua) asked whethci 1 , in view of the i prevailing conditions, the Government would take into consideration the necessity for a drastic reduction in all insurance premiums. He said that according to the Official Year Book, during the years 1020 to 1020, 43 sepaartc companies doing fire insurance business in New Zealand ■had received in premiums £18,401,000, and their fire losses had been £9,491,* 000. During the period 1021 to 1030, the State Fire Office had added £530,000 to its assets; "sir Apirana Ngata said the only office, in recent years to show results justifying a reduction of premiums was the State, office. The results achieved by other offices throughout New Zealand did not come up to those of this oifie'e/ The average profits of private cifinpanics on dwelling risks was a little ■over'# per-cent., add the profits of the State office were a little - better than that. In regard to trade risks, there was ito margin to justify a reduced premium. ft was his intention to get the figures iii detail and submit them to the Cabinet.