MOTOR INSURANCE

Waikato Times, Volume 195, Issue 22459, 21 September 1944, Page 2

MOTOR INSURANCE

N.I.M.U. COMPANY’S YEAR The net premium income was advanced from £176310 8s 3d in 1943 to £197.453 ' 16s 3d in 1944, states the annual report of j the N.I.M.U. Insurance Company. The increase of £20,643 8s is evenly spread ( over both comprehensive business and in- [ surances under the Motor Vehicles In- ■ surance (Third Party Risk) Act, 1928. I More motorists nominated the N.I.M.U. when re-registering this year than ever j before. Claims paid and payable totalled £92,327 14s lOd, being a substantial increase on the abnormally low 1943 figure of £615117 6a 3d. The ratio of claims to net pre- 1 mium income is 463 per cent, which compares favourably with other war years. The ratio of working expenses to net premium income is 24.7 per cent, a drop of 1.6 per cent on the ratio for the previous year. "At the commencement of the year there were 37 849 policies in force, and at June 30 ,1944, this figure had increased to 40,120," the report proceeds. "The net i advance of 2271 policies is pleasing, but even more noteworthy is the fact that ! the company achieved a new record re- ! garding the number of policies. The i previous peak year was that ended June ! 30. 1940, when policies totalled 38.210, so ; that at balance date there were almost ■ 2000 more policies on the register than the j previous best figure. To have thus over- ’ come the manifold effects of war-time conditions, particularly petrol rationing, . upon our business is most gratifying, and is indicative of the ever-growing confid- ; ence in. and suppport of, the N.I.M.U, by ' the motoring public.” Following established practice. an ! amount of £10321 14s lOd. being 50 per cent of the increase in net premium in- ; come, has been palced to the unexpired risks reserve, which now stands at £98,726 16s lid. The surplus for the year was £55,124 13s lid, which has been dealt with as tinder: —Special cash rebate. 1944, £49,000: special cash rebate, 1943 (additional to £45,000), £543 Is lid; repatriation reserve, £1000; fidelity guarantee reserve, £150; outstanding premiums reserve. £137 17s sd; accumulated surplus. £4293 14s 7d.