INCREASED FIRE INSURANCE RATES.

Wanganui Chronicle, Volume L, Issue 12257, 3 July 1909, Page 5

INCREASED FIRE INSURANCE RATES.

(Per Press Association.)

AUCKLAND, July 2

Inquiries made to-day in insurance circles regarding tlie decision of Insurance Companies to raise the1 rates for iiro insurance elicited the information that the higher premiums will be charged on and after August Ist next. It was stated that the net trading loss" to tho combined companies for 1908 was £159,-354, and for the last five years £204,956. "These figures are lamentable," said one insurance authority*;.The losses, have occurred and are still occurring, and the companies cannot be expected to provide a, surplus out, of which they shall all be paid. It is a great pity, but none the less true, that tho fire waste in the Dominion .is excessive. This should not be the case in a young and prosperous country like this1, but there is no disputing facts. Until some-satisfactory Solution is arrived at or until there is a. reduction in losses the rates will have to remain on.an increased basis. Leading Underwriters stated that even at the proposed increase of rates fire insurance will be barely payable. What the actual increase is to be has not been disclosed. ; '•'.- ■■-■■-'■~-".• . ... -.-.