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The Pamphlet Collection of Sir Robert Stout: Volume 78
Total Life Assurance in New Zealand
Total Life Assurance in New Zealand.
The total life assurance in force in New Zealand at the 31st December, 1905 (excluding industrial business), consisted of 114,553 policies, making an average of 130
policies for every 1,000 living. The sum assured (excluding bonuses) represented by these policies was £28,087,349, an average of £245 for each policy, £32 for every European inhabitant of the colony, and £89 for every male European over fifteen years of age. On these policies the annual premium income was £908,349. There were also 36,502 industrial policies, assuring £877,871.
page 12The Colony's Life Assurance.
The distribution of assurance among the various companies is shown hereunder :—
| —— | Number Policies. | Sum assured | Annuities. | Annual Premiums. |
|---|---|---|---|---|
| £ | £ | £ | ||
| Seven Australian offices | 65,351 | 16,211,194 | 10,622 | 532,930 |
| Two American office | 3,929 | 1,380,039 | 656 | 55,394 |
| Two English offices | 136 | 27,800 | 1,027 | |
| Total eleven foreign offices | 69,416 | 17,619,033 | 11,278 | 589,351 |
| One New Zealand office (the Government Insurance Department) | 45,137 | 10,468,316 | 49,305 | 318,998 |
| Total ordinary assurance | 114,553 | 28,087,349 | 60,583 | 908,349 |
| Industrial assurance | 36,502 | 877,871 | 46,096 | |
| Total assurance in force in New Zealand | 151,055 | 28,965,220 | 60,583 | 954,445 |
The foregoing table shows that a very large proportion of the whole business is held by the Government Life Insurance Department, which also transacts the largest amount of new business. It may safely be said that these figures, the results of thirty-six years strenuous effort, are in themselves creditable to the Department, and testify more eloquently than any words to the favour in which it is held by the people of New Zealand.