HIGHER PREMIUMS

Taranaki Daily News, Volume LII, Issue 138, 9 July 1909, Page 4

HIGHER PREMIUMS

ON FIRE INSURANCE POLICIES. WHAT THE PUBLIC WILL PAY. Now that the insurance companies and the Government have indicated the certainty of a rise in fire (insurance premiums on Is't August, there is gen* oral speculation as to the extent to which the increases will go. After several years'of "cut" rates, the public v\ u! probahly feel the change acutely, but they can be reassured by the statement of a prominent insurance manager (says the New Zealand Times) that the high rates prevailing before the establishment of the State Office will not be reverted to.

Dwelling-houSe risks are to be affected most by the change, as it was in tin's class of business that the really serious cuttmg took place. The rates dropped M l-i per coat., and they will now rise by about 20 per cent. Actual rates for the various classes cannot be quoted with certainty, as a final confirmation of the schedule has yet to take place, but it will oe found that premiums of 8(1 per cent, on dwelling-houses well detached will rise to about 10s, and those property-owners who formerly paid 10s 8d per cent, on d wellings where there are four or more in a block will find that the next renewal -will have to be at about 13s. Business premises will probably be subject to a 10 per cent, rise, though as this class of risk has shown considerable variation in losses some lines may I )e picked out for special treatment, notably 'warehouses, on which the companies have been heavy los'ers.