STATE INSURANCE.

Hokitika Guardian, 22 August 1924, Page 4

STATE INSURANCE.

WKI.I.IN’I ITOX. Aug. lb. The iinintal lepoil ol the Stale fin (mice shows, that the net premium in- ■ come for I!)_'■! Wits Cl il.lb-l. comp.irei 1 with ii 12.-YH for the previous year i The iiumbi-r ol policies, i-ver !!".d."h - gi'i'itt!v i.i cxii'ss el any otliel i oiiii.r The' loses ( £.|t;. 15 S ) were prat" liially tin' same :i* I >r I! 122 ( C|i>.o.M). ' '| j.:- . iranar'-r < Air -I. 11. derr.,m) in hi" teporl a-ks l.:r legi'lalicti r to deal with an evil in the lire insurance le;. ne- s. ||e .-ays ••|l" pil.Vlueiit of uiiv.ai ranted ("■mmi.'siuns and t e. tin wit mes as a i;i -l!;«;d ( f rim|.'iition. - vviiicli wa- riTerrevl lo in the last annua I rrpTt, eentinn.v i i he a m.irke I evil The r.smiting di-.rimiuntinn. more «>i less .secret, between premiums on risk' of equal hazard, besides adding to the eo=t of lire in-uranic, cannot be defended in.:u an u.nk i vvi iting point id view, and is not in the h -t intcn.-ls of hob public win are entitled to expert o.mn equality of treatment on the iiiatt i' of i'nsiu'aieo rat.'.-. In my c.pjniou the evil l Uitni bo ellectively cr.itr.dle 1 vv it hint legislnt ioll such as has lieen found netpssnry in other parts id the v.arid." The repe.n on life insurance exnrcs.-os I’egret at ike s'lortagc ol tietuaries. It took over 12 mouths to get one position lilled. an 1 then only hv sending to Great Dritain. New Zealanders were reluctant to undertake a course of years’ study. The number of policies increased during the year from 11707 to .17.-,and the amount insured front £1.280.0'!!) ta £1 .->81.722. The total business in lone is now {.'lti.-j ID.-101. The premium income was £-180.171. aagainst £-173.1-11 in li'22. In the accident bran-h the gross premium income was CdA.o',:). Claims totalled £22.-102. or £2072 in excess ef the previous vear Owing largelv to the increase effected hv recent legislation in the benefits under the Workers’ Compensation Ait. for which no increase had been made in the premiums, the ratio of claims to premiums was highc-r than usual.