STATE INSURANCE DEPARTMENT

Hokitika Guardian, 20 July 1929, Page 6

STATE INSURANCE DEPARTMENT

ANNUAL REPORT

WELLINGTON, July 18

Tlie annual report of the general manager of the State Eire Insurance Office (Mr J. ;H. Jeriam), for the year ended December 31st. 1928, states that tne ratio of working expenses to premium income, exclusive of income tax and tlie Fire Board contribution (23.54 per cent) was lower than for the past fifteen years, and the surplus (£75,600) was a record.

In this connection, the report goes on to say that during 1928. when fire claims on all insurance offices rose in the aggregate to figures little short of £1.500,000, the highest ever recorded, the State Eire underwriting results on the whole were more satisfactory than for years past. The premium income was £211,634 and other receipts £40,459. Claims absorbed £81,585, and bonus rebate £26.421. Reserves and funds totalled £744,271. Reporting on the accident insurance branch of the State Office, Dir .Terrain states that while claims (£-13,807V showed an increase over the previous year, tlie income (£71,731 from premiums was £12.368 from interest) was griootor. The ratio of working expenses. exclusive of income tax (22.98 per cent.) was lower, and the surplus (£17,592) wavs larger than in any previous year in the history of the office. Reserves and funds at December 31st. totalled £245,909.