NO CHANGE IN WAR DAMAGE PREMIUMS

Press, Volume LXXIX, Issue 23965, 4 June 1943, Page 4

NO CHANGE IN WAR DAMAGE PREMIUMS

1 USE OF FUND FOR RELIEF AFTER WAR From Our Parliamentary Reporter WELLINGTON, June 3. ine Government has decided to make no change at present in war damage insurance premiums, but to reconsider the matter at the close of this year when, if all goes well, there is every prospect of a reduction being made in the premium rate. Making this known m the House of Representatives this evening, the Minister <°tf 1^ ance ithe Hon. W. Nash) said that New Zealand had been fortunpliii enoug k 1° have had practically no calls upon the War Damage Fund and the question had arisen as to whether the time had come to reduce the anabfe vahie 10 ™ ° f 5S 3 £l °° of insur ~ On March 31 there was £2.320,000 m the fund, but this sum was very small relative to the value of property C ov! eied, and it would not go far in meeting the costs of damage should a raid be ™ de o n some of the city areas. When the fund was no longer required as insurance against war dama o e. it would be very valuable as a reserve for the relief of those who in tU f e might suffer bosses from earthquake or other major disaster Insurance premiums could be considerably reduced presuming there was no damage by war. while making pro! vision for earthquake losses for which ni^ l i ranoe . sho , uld 136 available and if necessary backed by the State.