YEAR’S FIRE LOSSES.

Manawatu Herald, Volume XLII, Issue 2128, 15 May 1920, Page 1

YEAR’S FIRE LOSSES.

OVER £470,000 IN 1918

INSURANCE STATISTICS

With a view to furnishing official data which might prove of use to offices carrying on fire insurance business in the Dominion in the fixing of premium rates, it was decided during 1919 that the State Census and Statistics Office should proceed with the annual collection and compilation of fire-insurance statistics. The first set of tables has now been issued. It is recognised that one year’s statistics are of little value in themselves: e.g., the present-fig-ures show exceptionally heavy outgo on account of the AVaimarino bush tires, a disaster on a scale which it is hoped wi 11 not recur for many years. To be of any real value a. collection of fire-insurance statistics continued over a series of years is essential, and the tables published for the first time will form the nucleus of an investigation which it is hoped will prove not only of interest to the public, but of real value to the insurance world itself.

It is interesting to note that durinjr the period covered by the statistics (which is in each case the financial year of I lit' office which corresponds most closely to the calendar year 1918) there were lires affectin;;- 2,901 buildings. The total gross losses payable in respect of these were £472,247, representing 3(5.24 per cent, of the totnl premiums charged, and 0.22 per cent. of. the total risk's covered. The total lire business of all offices operating, in New Zealand shows for the year that net working expenses amounted to 35.39 per cent, of net premium income, and 24.49 per cent, of total net income, while gross working expenses amounted to 28.90 per cent, of the total gross premium income. Gross premiums charges amounted to O.lil per cent, of thclola! business underwritten. An analysis of premiums and losses for each of the offices for the financial year is-made in t he following table.; —

Gross Premium on N.Z. Amount business. of loss. Alliance £61,834 £10,246 Atlas 54.252 0,175 British Traders’ 8,51)6 1.070 Australian Alliance 0,1)60 * 2,008 Excess 15,246 1,025 Commercial Union 85,7 (il 32,50(1 Eagle, Star & Brit - ish Dominions 18,406 2,470 Farmers’ Co-opera-live 15.826 12,559 Guardian 44.548 15,771 Hawkes Bay Farmens' 204 — Liverpool & London & Globe 41,046 13,577 London & Laneashire 33,001 14,181 National 62,422 28,642 New Zealand 144,014 54,205 North British 22,128 3,033 Northern 39,830 20,859 Norwich Union 42,699 14,565 Ocean ■ 16,766 6,736 Otago Farmers’ Un ion 1,117 40 Phoenix 53,656 13,132 Queensland 26,240 8,401 Koyal Exchange 37,091 12,895 Koval Insurance 02,531 10,210 Koval Insurance 02,531 10.216 South British 125,844 54,131 Standard 58,168 18,457 State Fire 124,477 37,970 Sun 27,326 9,075 Taranaki Farmers’ Union Assurance 12,806 3,643 Union Insurance (Canton) 2,100 2,872 United 32,171 30,315 Victoria * 45,522 14,878 Wellington • Farmors’ 2,497 3,198 Yorkshire 17,7893,829 Total £1,347,771 £472,216 Shillings and pence omitted.