NEW ZEALAND GOVERNMENT INSURANCE

Ashburton Guardian, Volume VII, Issue 2324, 9 January 1890, Page 3

NEW ZEALAND GOVERNMENT INSURANCE

We take the fol'owing from the " Insurance GuardiaD," London, November Ist, 1886:— The " Insurance world is watching with great interest, the experiment that is being made in New Zealand to provide Government Ife assurance for the colony. The results, as j' st repoi ted, are very remaikable. It appears that the Government Iniuracce Department shows an increase in funds, income (botn from premium and interest), new bu:iness, and in the average amount of the policy. It shows a decrease in ratio of expenses, in the amount of business discontinued, and in the avetage of polices discontinued. It has a number of powerful competitors—the United States Equitabte, the New York Life, the Australian Mutual Provident, the Colonial Mutual, and three others of as great, if not equal wealth and magnitnde. Bnt it outstrips them alj. The seven offices paid policy-holders 35 per cent of their total income, the New Zealand Government office paid 39 per cent. The seven offices spent 23 per cent of their total income ; the New Zealand Govsrnment office 16 per cent and added to their funds 43 per cent, as compared with 39 per cent on the part of the seven offices. Hde, then, is a Government Department, not twenty years old, beat ng all compeitoisout of ihe field—eve a the oldest, wea thiest and most respected institutions in the world. It this can be done in a period of depression, what may we not expect now that the waves of prosperity again roll over the colony, and infuse new life and viguour into every branch commerce and manufacture?"