STATE FIRE INSURANCE.

Taranaki Daily News, Volume XLVII, Issue 81839, 4 September 1906, Page 3

STATE FIRE INSURANCE.

THE YEAR'S OPERATIONS. Tlie annual report of the State Fire Insurance Office, which was laid on the table of the House on Friday, deals with the business of the department for the year ISIDS, the first year of its operations. The general manager (Mr J. W. Brindley) states : " Reinsurance arrangements were made prior to the opening of the oflice, and owing to the exigencies of business daring the year modifications of the original agreement were arranged, which have proved satisfactory. From the elate of opening the support of the public has been gratifying, and this support has increased month by month and still continues. Hince the inauguration of State fire insurance the rates have been materially reduced, and the public saving thereby effected may be approximately estimated at £150,000 per annum. Talcing into consideration the difficulties that had to be faced in establishing a business of this kind the progress that has been made must, I think, be considered satisfactory." The report states in regard to the expenses connected with the establishment of the department that these have been carried to preliminary expenses, and that with a view to the elimination of this item the sum of £O3l at, being one-fourlh of the am r.nit charged, lias been written olf oul of l ist year's revenue. The sum of ,C!,:i75 has been set aside as a reserve f-.r unearned premiums. The balance-sheet shows that last year's premiums (after deductions for reinsurances) amounted to £13,127, which, with oilier receipts (C 8;, made a total of £1:1,13-5. The losses by lire (after deductions of re-iusurauce) amounted to £2,118. Salaries totalled £2,'J(i 1, commissions £i)2B, and management expenses C 1,805. The amount of the insurance fund at the end of the year wai £lßl.|