FIRE INSURANCE BUSINESS IN NEW ZEALAND.

Wairarapa Age, Volume XXXI, Issue 9051, 10 February 1908, Page 5

FIRE INSURANCE BUSINESS IN NEW ZEALAND.

■ IN AN UNSATISFACTORY CONDITION. BY TRT.T3fiRA.PH—PRESS ASSOCIATION. AUCKLAND, February 9. / Mr Kirker, general manager of the South British Fire Insurance Company, interviewed' by an Auckland "Star" representative, asserted that New Zealand had never been a profitable fieid for insurance companies. During the years 1904-05-06 companies as a whole made a loss ever that period of £112,876. The loss for 1907 he believed would be £50,000. The year 1908 had opened badly. The Timaru and Christchurch fires would cost the companies quite £300,000. Under the most favourable circumstances the loss on insurance business this year must be at least £200,000.

In reply to a question if the rates would be incre_aed Mr Kirker said that he hoped all engaged in the fire business in the dominion would find themselves able to obtain such improvement in the rates as would enable companies io make some small profit He would not be surprised, if the conditions did not improve, to see a number of companies considering the. question of withdrawing altogether from the dominion. The fire brigades legislation had further increased the'burdens, in some cases the charges amounting to nearly ten per cent on the premium income of the companies. Altogether the insurance business in New Zealand was in a most unsatisfactory, condition, and unless the ratr;s were raised to a paying point all must suffer a heavy loss.