MUTUAL FIRE INSURANCE.

Taranaki Daily News, 2 May 1918, Page 2

MUTUAL FIRE INSURANCE.

THE TARANAKI FARMERS ASSOCIATION. At the thirteenth annual meeting of the Taranaki Farmers' Mutual Fire Insurance Association at Elthain on Tuesday the following report was read: The thirteenth annual report shows the year to have been the most successful in the association's history. The nett premium income for the year amounted to £1543 19s 3d, being £290 18s in excess of that of the previous year. The insurance liability at the close of the year under review (after allowing for reinsurance) amounted to £431,797, as against £365,162 at the close of the previous year, being an increase of £06,635. This liability is classified as follows: Farm and non-hazardous risks, 1006 policies, amounting to £415,131; dairy factories, 23 policies, £16,066. The total policies in force number 1629, bringing the general average to approximately £265, against that of the previous year £232. No fire losses occurred during the year. The profits on the year's working amounted to £1435 10s Id, which is the highest in the history of the association. During the year the Land and Income Tax Department claimed from the association payment of income tax since inception. The amount paid was £414. The directors also provided a motor car for its inspector, at an initial cost of £l9l 13s 6d. After making these payments and providing for all outstanding general liabilities and income tax for the past year, the liquid assets of the fire branch at the end of the year amounted to £8,18.1 IDs (Id, being .€829 16s 7d in advance of the previous year. The premium notes in force at tho close of the year under review amounted to £22,039 19s lOd. being an increase of £2790 fis 4(1. The total fire branch general assets over general liabilities amount to £31,230 7s 10, an increase of £384 8 14s 9d. Accident business.—The total receipts from premiums amounted to ;C:!92 12s 7d, of which £54 8s 4d was paid for reinsurance of fatalities. Claims aniounting to £l4O 13s 4d were paid, and after transferring £IBO to fire branch for proportion of salaries and administration expenses pursuant to Government regulations, and also providing for an unearned premium reserve of £157 0s lid, the year closed with a debit balance of £lO5 Ids fld. The retiring directors —Messrs. H. D. Forsyth (chairman), .1. Beat, 1. Christoffel, S. Death, R. Lambie, W. D. Powdrell, and E. Maxwell—were re-elected, as also was Mr. E. Pa'rrott (auditor).