Earthquake Fund Nearly £7 Million

Bay of Plenty Beacon, Volume 16, Issue 9, 18 October 1950, Page 4

Earthquake Fund Nearly £7 Million

Funds in the Earthquake and War Damage Account at March 31 amounted to £6,952,292, compared with £6,229,326 last year, according to the annual report presented to the House of Representatives. Five months, after its creation the storm and flood disaster account contained £16,821. This fund was established following the tornado at Frankton Junction in 1948. Income from earthquake and war damage premiums during the year totalled £563,009, compared with £540,704 the previous year. Claims accounted for £2161 against £12,876. The number of claims lodged was 306—37 fewer than the previous year and 95 fewer than in the year before that. It is stated that earthquake damage was claimed for in localities from Rotorua to Stewart Island but, fortunately, there was no shock of a serious nature. The amount received in prewiiums for storm and flood damage from November 1, 1949, to March 31, was £24,158. As these disasters were completely unpredictable and not infrequent, the report stated it was impossible to judge whether the income of the fund, estimated at £56,000 for a full year, would be adequate to meet claims as well as create desirable reserves to provide for the by no means remote possibility of a major disaster. There bad already been 89 claims and of these 61 resulted from the result of the Marton flood on February 13.