Earthquake Fund Stands At Six Millions

Chronicle (Levin), 20 July 1949, Page 6

Earthquake Fund Stands At Six Millions

Press Association)

(Per

WELLINGTON, July 19. The earthquake and war damage fund; amounted to £6,229,326 at tho close of the past tinancial year on March 31, 1949. This sum includes- Over seas investments ■ of- £(N.Z.)l,8tfv,600 after deductmg the cost of exehangu adjristment between New Zeaiand, anii Great Britam. ; / ) • This • :inf ormation is i given in, the' annual report of the Earthquake ajidqWav Damage Commission 1 which wasl *presented' ih the House of Representatives to-day. The report stated that in pursuanee of the poliey of the commission to obtai'u reinsuranCe against''' ;Severe loss, negotiations in London had been. completed' for an excess ioss contract of £4,656,000 at a 'rate of 5 per cent, covering loss in auy part of the Dominion. Practieally all eompanies operatmg in New Zeaiand participated. The total was less thau was aimed at but it was hoped that continued npgotiations wouid eventualiy provide a satisfactory extension. The statement of accounts in the report shows that exchange adjustment cost the fund £339,525. The premium income for the year" euded March 31 last, amounted to £540,704, outgoings for claims totalled £12,876, discouur paid to insuran'ce officers, totalled £13, 573 and the surplus on the year's operations was £300,013. During the year 343 claims were lodj ged on the fund compared, with 401 the |'previous year. ' Earthquake damage was claimed for iu localities from Coromandel to Invercargill. Again the most damaging shtt'ck occurred in a rural area where build ings are mainly of wood. The shock which occurred ou May 23 1948 in North Canterbury resulted in 239 claims, one on December 28, 1948 in the Wellington area in 18 claims, arn. one on February 10, 1949, in the southern North -Island and.northern Souti Island in 40 claims.