FIRE INSURANCE.

Gisborne Times, Volume XXIII, Issue 1849, 1 September 1906, Page 2

FIRE INSURANCE.

THE STATE DEPARTMENT,

[(Special to Gisborne Times.) Wellington, last night.

The annual report of tho State Fire Insurance Office, which was laid on the table of the House to day, deals with the business of the Depaitm.nt fer 1905, the first year of its operation-. The general manager (Mr J. W. Brindle) states : “ Reinsurance arrangements were made prior to the opening of the offioe, and owing to the exigencies of business during tbo year modifications of the original agreement were arranged which have proved satisfactory. From tho date of opening the support of tho public has been gratifying, aud this support has increased month by month, and still continues, Sinoo tho inauguration of State fire insurance tho rates havo been materially reduced, and the public saving thereby effected may be approximately estimated at £150,000 per annum. Taking into consideration tho difficulties that had to be faced in establishing a business of this kiod the progress tba! has been made must, I thiok, be considered satisfactory,” The report states in regard to tho expenses connected with the establishment of the Department that thes9 have been earned to preliminary expenses, and that with a view to the elimination of this item the sum of £631 ss, beiog one-fourth of the amount charged, has been written off. Out of last year’s revenue the sum of £5475 has been set aside as a reserve for unreturned premium?. The ba'auce sheet shows that last year’s premiums (after deductions for reinsurances) amounted to £13,127, which, with other receipts, made a total of £13,035, The losses by fire (after deduction of reinßuranoet) amounted to £2418. Salaries totalled £2964, commissions £927, and management expenses £1865. The amount of the insurance fund at the end of the year was £4Bl.