STATE FIRE INSURANCE.

Dominion, Volume 5, Issue 1377, 1 March 1912, Page 9

STATE FIRE INSURANCE.

The annual repoit of (he Slate Fireinsurance Department for the year ended December HI, 1011, was presented to tho House of Representatives yesterday afternoon by the Minister for Internal Affairs. It states that the year has boon one of the most successful yet i-xpnricnced by tho ollice, the profits baiiiß the largest of any ■ year, with the exception' of thosu of 1010, and the ratio of working expenses the lowest on record. The net premium income was .£'10,551 liis. 2d., an increase of JJ7ISI2 15s. 10d. on that, of 1910. The profit, after appropriating .<* further sum of .£2877 is. id. tn reserve for unearned premiums, was .ColiiH !)s. lid., as against £m- His. for lSin. Tho nut losses amounted to Ji27,531i. 11s, 7d., as against .£18,913 18s. 4(1. for 1010, the ratio of loss to premium income being 57.07 for 11)11 and 4G.G4 per cent, for 1010.

"In comparison with other countries," the general manager states, "this Dominion does not hold an enviable position in connection with its fire.loss ratio. There nro many natural features which contribute to a high loss ratio, but it seems to mo" that one of the worst contributing agencies is over-insurance. If some menus could be found whereby over-insurnnco could be prevented, or greatly minimised, n grent saving In national wealth would in my opinion result. That a means can be found to greatly reduce fhe evil there is little doubt, but it. requires the honest co-operation of all fire underwriters lo put any such means successfully into operation."