£976,000 Deficit . on Insurance
Page 40
If you've noticed an error in this article please click here to report it so we can fix it.
(IN a motor insurance income of some £431m. received from 1955-59 by members of the British Insurance Association, there was an underwriting loss of £976,000. Mr. H. A. Walters, chairman, gave these figures at the annual meeting last week. He was speaking of the lingering doubt over motor premiums from one territory being used to subsidize claims in another.
There had been an improvement in underwriting experience during 1959, he said, with something less than 2 per cent. profit registered on the home account. It was too early to say whether the trend would be maintained during 1960, he added.
PROFIT DOWN TO ON
DUR1NG the current year the West Hartlepool transport undertaking is expected to show a profit of only £500. compared with £13,200 the previous year. The reduction is due' mainly to higher costs and it is possible that permission will be sought to raise fares.
During the year it is proposed to buy four more buses costing ,£19.000, which will be taken from the undertaking's reserve fund.