MUTUAL INSURANCE

Wairarapa Times-Age, 29 October 1943, Page 3

MUTUAL INSURANCE

WAIRARAPA AUTOMOBILE ASSOCIATION. PAST YEAR’S OPERATIONS. “The past year has been remarkable for the loyalty of Wairarapa motorists to the company,” states the annual report of the Wairarapa Automobile Association Mutual Insurance Co. “It was anticipated that, owing to the war and its demands uopn the populace, together with the restrictions imposed upon the motoring public by the curtailment of the ordinary petrol ratipn, there would be a falling off in premium income. This has not been the case, and a glance at the balance sheet will show that actually the premium income increased. This is very gratifying to your directors, as it indicates a still growing confidence in the company. “The financial position is strong and satisfactory. All claims have been met promptly, and many letters of appreciation from policyholders have been received. Provision has been made to meet all possible contingencies and calls, and your directors have decided to again pay a bonus to policyholders on the same basis as in previous years. This year the amount to be distributed is £5OOO. During the year the low premium rate has been continued, and your directors have decided to adhere to the practice of granting a 20 per cent rebate on all renewals of insurance. In order to participate in the benefits given by the company it is necessary that policyholders must be members of the Automobile Association and financial on the books. The loyal support accorded to the company is gratifying indeed, both from the viewpoint of the company and the parent body, the Automobile Association (Wairapapa), Incorporated. The financial reserves of the company have been maintained at a satisfactory and safe level.

“The premium income, less return premiums, was £668 7s 5d more than the preceding year. Income from investments totalled £1336 12s 3d, compared with £1353 5s 6d for 1942. The ratio of working expenses to net premium income is 23.8 per cent, and compares very favourably indeed with last year’s figures. The number of claims made during the year was 375, compared with 214. Accident claims head the list, the total amount claimed under this heading being £2277 2s 2d. The total claims show an increase over last year of £2lB 10s 7d. The percentage of claims to premium income was 36.6 per cent .... “In terms of the Articles of Association, Messrs F. C. Bunny and H. J. Jones retire, and, being eligible, offer themselves for re-election.”

The report is presented for the Board of Directors by Mr R. W. Roydhouse, chairman.