NEW ZEALAND INSURANCE COMPANY.

Colonist, Volume L, Issue 12165, 13 February 1908, Page 4

NEW ZEALAND INSURANCE COMPANY.

Auokland, February 12.

At the annual meeting of shareholder of the .New Zealand Insurance Uompany to-day, the chairman, the Eon. S. TnorneUeorge, said the premium income for the last year bad constituted a record, amounting to .£616,410, being an increase on the previous year cf £51,268. As regarded the San Francisco disaster, the Company's estimate of £285,691 or these lesses bad 1 een ample, and now that they had been virtually all settled there was a small surplus from this amount in the Company's favor. The losses during the year* amounted to ,£406.---577. the loss ratio to premium income being 65.96 per cent. The directors recommended that out of the balance available for appropriation £25,000 be transferred to the reserve fund, which would then" amount to £155.000, and £35,000 'to tbe reinsurance fund, which would then stand at £23,500. The balance of £21,674 was to be carried forward to the new account, of wbichj the directors recommended the payment of a dividend at tbe rate of 2s per share, amounting to £15,000, and making ten per cent for the year. Proceeding then to discuss insurance rates, the Chairman said an amended Fire Brigades Act was passed during the last session of Parliament, and existing tire brigades, and others now bomg formed, will shortly be operating under the Act. This will mean a considerable extra expense Ito the companies, and one that is sure to grow as new fire boards are! formed from tune to time, and as the insurance companies generally have not found thst underwriting in the Dominion during tho . last few years has been profitable, and as they are not philanthropic instihitjons, it will bo necessary in order to meet ibis new Act tax that the tariff be raisnd, and a probable return to something nearer the ratss of 190:5 will be needful, so that, underwriters uiay obtain a fair return for the risks they aro undertakine. Tho retiring directors wete re-ciecttd.