The Daily News. TUESDAY, APRIL 30, 1901. FIRE INSURANCE RATES.

Taranaki Daily News, Volume XXIII, Issue 84, 30 April 1901, Page 2

The Daily News. TUESDAY, APRIL 30, 1901. FIRE INSURANCE RATES.

There i* very little doubt but that tte recent action of the Fiie Under writers' Association baa advanced tbe proposal to establish a Government F>re Insurance Department. It is a proprsal we havs always strongly advocated, and hope next session to tec s'eps taken to enable tte Government Life Assurance Department to establish a fire branch. It is rather a coincidence that the Government shou'd have proposed to deal with this question and also to federate air the Chambers of Commerce, but, on account of the utorm cf opposition, both thes* matti rs were dropped. Since then circam- | stances have playtd into tbe har-ds of choße who favoured th c se proposal*, In all directions we sie proposals made for federating the Chambers of Commerce, and now the suicidal policy of the Underwriters' Association it showing everyone that the best defence against monopoly is for these matters to be in the hands of the people. The enormous profits mide by the various Fire Insurance Companies is well known, yet as soon a.% a few fires take place an ou'cry is. nvide to raise the rates, and the i esultis that the in'urers, in districts wh ri comparatively fewl fires take p'ace, are pnotically taxed to] piy the Ii sses in other parts of the coleny. That is the case just now. Taraoaki 1 as, fortucate'y, been almost free from very large fires involving ve y he.vy losses. Yet the rates, of insurance are now being raised as much i s 25 per cent. It is .will known that orly a v*ry 'small proportion of the buildings ereoted are insured at pesnt wheiers the principal o' Government insurances would be that every bui'di'g would be insured for a fix- d percentage on its value as shown in the re ords of the Valuation Depaxtnotnt.; Under tlese circumstances a very miall insurance prtmium would be require*, while the co»t of would' be v ry* largdy l'Ssentd on accoui.t of the reduction in the number of offic s required to be maintained. The new tariff adopted by the U drtrwriters' Association at a meting h*ld on tie 19th inst, providing for a 25 pr cent increase will prove a very heavy tax on insurers We have been unable to get the rxact figures for New Plymouth, because on app'jing to the Secretary of the local Underwriters we w«re informed that the matter was confidential, but he stated that the local Asscoiation h,' d protested agiinst the increase The Haw«ra Star has however been able to secure a cory of the new tariff, which comes into operation to morrow, Ist May, we are thus enabled to give tbem to our readers as fo 1 ;ws:—

Under the " wood or iron" section the bas ,- s ratej are as follows: Class W (lowest r : sk), comple'ely detached buildings, 16s, an increue of 3v; not completely detached, comprising two but not exceeding three buildings, raise! from 153 to 18s; if there be any risk of X.Y. in the group, raised from, 17s to 22a; if Class Z in group, rai edi from 20 i to 255. Class 9W, group not

compk-tely detached, comprising mow ' than three buildiDgs, raised from 17s to 22*, 20s to 25>, and from 22s to 30s. C'asß>'X, comple'ely detacW, 20s to 25af not complettly deteehfd (if there be any risk of XY in group), 22s 61 to 28s; if there bi Class Z in group, raise! from 25s to 31s 6d ; Olafs 9X, 25s to 31s 6d, and 30s to 37s 6d. In ClafS Y, the increases are s7s 6d to 355, 32s 6d to 40<>, 37s 61 t) 475, 401 to 50s, and 45s to 555. In Class ft, hs increues are 45s to 55 >, 50s to 62s 6d, and from 57s fii to 72s 6d, For brick buildings tie basis rats have re n advanced as follows: CUss W, 5s to 6*, 5s 61 to 7s, 6s to 7s6d, 7s to 8s 6d, 8s 6d to 10s 6d, 9s 6J to 12s. Class X, 10s to 12s 6d, lis to 13s C !, lis 6d to 14s 6d, 12s 61 to 15s 6d, 14s 6d to ) Bs, 15s 6d to Ids 6d. Disss Y 12-. 6d to 15s 6J, 13s to 16s 6d, 13s 6 i to 17s 6d, 15s to 18s 6.1, 17s to 21s 6d, 19s to 23s 61. Class Z, 15s to 18s 6d, 161 to 19s 6J to 24s 6d, and 21s 6d to 275.