AN UNPROFITABLE FIELD.

Otago Witness, Issue 2813, 12 February 1908, Page 34

AN UNPROFITABLE FIELD.

AUCKLAND. Fubuurv 8.

Mr Kirker, general manager of tlie South British Firo Insurance Coin pa ny, mteivievvod by un Auckland Star reporter, assoited that New Zealand hud never boon ji profitable field for insurants (Otupiuiics During 1904 05-06 tlio fonipamos .-is n whole inai'c <i 10.-^ over llml poi iod of £112 876 Tl.c loss for 1907, ho boliovod. would ho £50,000. The yoar 1908 lm<l oncned badl\. The Tiniiiru and Cliristchuroh fnc> would co->t tiio comp.'iino- quite £300jOOC. Uudei the most favoiuablo cir-

cuHistanccs the loss on insurance business this year must be at least £200.000.

In reply to a question as to whether the rates would be increased, Mr Kirker said he hoped that all engaged in fire business in the Dominion would find themselves able to obtain such an improvement in lates as would enable the companies to make some small profit. He would not be surprised, if the condition did not improve, to see a number of companies withdrawing altogether from the Dominion.

The fire brigade legislation had further increased the burdens of the companies, in some cases the charges amounting to nearly 10 per cent, on the premium income of the companies. Altogether, insurance business in New Zealand was in a most unsatisfactory condition, and unless the rates wore raised to paying point, all must suffer heavy loss.