MUTUAL FIRE INSURANCE.

Gisborne Times, Volume XXV, Issue 2100, 7 June 1907, Page 1

MUTUAL FIRE INSURANCE.

Press Association. DUNEDIN, yesterday. t Pile second annual meeting o tho Otago Farmers’ Union Mutua Firo Insurance Association was lielc .yesterday afternoon, The report for • the year ending March-31st . showed 1 that tho amount 'of ..' ji{gqyaw§itf^l»all been increased by £2G,255, the • amount at tire commencement of tlie ; year being £79,478~-whilo at the close of tlie present year it stood at : £106,343, which represented 350 policies A step forward taken by the directors was to increase the holdings of the Mutual on all risks, so oonsidorably loss of the business was re-insured than during tho first year. A considerable reduction in rates was mado during tho year, and members had expressed great satisfaction at the rebates given on account of tho reduction. The balance-sheet and profit and loss statement showed that the losses by fire amounted to £6 6s Sd, that fixed payments for the year amounted to £538. The amount transferred from last year’s balance to credit of profit and loss account is £2Ol 10s sd, of which £2OO will be transferred to reserve account, making this account up to £313 14s 7d. The results of the two years’ working seem to bear out the statement that well-selected farm risks are about the best of firo insurance business. The Chairman stated that since the compilation of the report another £4OOO had been added to new business. It was decided to instruct the directors to consider tho question of amending tho constitution by providing that only two or three directors retire by rotation each year, instead of the whole board, as at present. A suggestion was received that the Association be represented at the proposed con fereneo of various Mutuals during Show week at Christchurch. Mr. Orbell said the idea was no doubt that such a conference would go into the question of re-insurinces. At present the ordinary insurance companies would not accept re-insurances from the Association, although the State Fire 1 Department did so. Possibly the Mutuals might effect re-insurances with one another. Mr Begg approv- 1 ed of the idea, and said that at 1 present tho Mutuals fixed their own 1 rates. At such conference rates could \ bo standardised. The suggestion was 1 approved. J - —_ t f