STATE FIRE UNDERWRITING

Taranaki Daily News, 19 July 1929, Page 9

STATE FIRE UNDERWRITING

RECORD SURPLUS LAST YEAR.

By Telegraph. —Press Association. Wellington, Last Night. The annual report of the general manager of the State Fire Insurance Office, Mr. J. H. Jerram, for the year ended December 31, 1928, states the ratio of working expenses to the premium income, exclusive of income tax and fire board contribution (23.54 per cent.), was lower than for the past 15 years and the surplus ( £75,600) a record. In this connection the report says that during 1928, when fire claims on all insurance offices rose in an aggregate to a figure little short of £1,500,000, the highest ever recorded, the State fire underwriting results on the whole were more satisfactory than for years past. The premium income was £211,634 and other receipts £40,459. Claims absorbed £81,585 and the bonus rebate £26.421. Reserves and funds totalled £744'271.

Reporting on the accident insurance branch of the State Office Air. Jerram states that while claims (£43,807) showed an increase over the previous year the income ( £71,731 from premiums and £12,368 from interest) was greater.

The ratio of working expenses exclusive of income tax (22.98 per cent.) was lower and the surplus ( £17,592) larger than in any previous year in the history of the office. Reserves and funds to December 31 totalled £245,909.