STATE FIRE INSURANCE

New Zealand Times, Volume XXXVII, Issue 8356, 17 February 1913, Page 7

STATE FIRE INSURANCE

"MOST EXTRAORDINARY RECORD.” TREBLE PROFITS THIS YEAR. The Hon. F. M. B. Fisher, Minister fet charge of the State Fire Insurance Department, informed a "Times” representative that the business done by the office for the year ended December ilst last showed a most extraordinary record. The year’s profits not only beat all previous records but nearly doubled the previous best record, which was in 1910. The profits for the year just ended >vera nearly treble the profits for the preceding year, while the working expenses £ad satisfactorily decreased. The Minister added: "The figures, which will be furnished to Parliament jn due course, are an effective answer to those critics who declared that the Reform Government would kill State enterprise.” The office had made greater, profits in the six months the present Government had been in office than in any other corresponding period, and the figures for the ensuing year would be even greater than the past. More agents, and more energetic men were being appointed to canvass for business. The department was paying these men better, and at the same time was making a stricter* examination of risks. The result wi& that business was being picked up all the time. Every agent and officer in the service of the department was encourcd to secure business, and received a bonus on the profits. Reinsurance business had still to be sent to London, but the Minister added that the department was quite satisfied with this arrangement. INCOME AND PROFITS. The not income, said Mr Fisher, for 1910 was £41,787; for 1911, £48,931; and for 1912, £56,315. Tho not increase in income for these years was as follows: 1910, £7740; 1911, £714-1; 1912, 7384. The annual profits made were: 1910, £8487; 1911,' £5391; 1912, £14,023. During these three years the working expenses had decreased from 28.3 per cent, to 2G.7 per cent. In the month of December last alone the increase in premiums amounted to £BO7.