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1904. NEW ZEALAND.
ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE), FOR THE YEAR ENDED 31st DECEMBER, 1903.
Laid before Parliament pursuant to Section 26 of " The Government Accident Insurance Act, 1899."
Government Insurance Office, Wellington, 31st May, 1904. I have the honour to submit my report on the business of the Accident Insurance Branch of the Department for the year ending the 31st December, 1903, with the Revenue Account and balancesheet. The premium income amounted to £24,381, being an increase of £10,281 over the premiums received in the previous year. The total claims, including provision for those not actually settled at the close of the year, amounted to £13,230, as against £7,364 in 1902, the rate, in proportion to the premiums earned, showing a considerable increase. A sum of £5,450 is held as a reserve on account of claims accrued but unsettled as at the 31st December. The expenses show a large decrease in relation to the premium income as compared with 1902. The sum of £4,510 has been carried to unearned premium reserve, which now stands at £8,530. The funds show an increase of £248, and now stand at £1,255. The experience of the Department tending in the direction of showing that the premiums charged for workers' compensation insurance were too low, a revised scale of rates was approved by the Governor in Council, and came into operation on the Ist February, 1903, and provision was at the same time made for a further increase, to date from April, 1903, to provide the further benefits conferred upon workers by " The Workers' Compensation for Accidents Act Amendment Act, 1902," which became operative on the Ist April, 1903. A reference to the Eevenue Account for the last year will show that there is even now a very small margin of profit, and that the premiums have, on the whole, only just been sufficient to meet the risks and expenses. Workers' compensation insurance has, however, been in existence in the colony for so short a period that it is impossible to say what are the true rates for the various occupations until further experience has been accumulated. J. H. EICHAEDSON, Government Insurance Commissioner,
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Revenue Account of the Accident Branch of the Goveenment Insueance Department for the Year ended 31st December, 1903. £ s. d. £ s. d. Amount of accident funds, Ist January, Claims .. .. .. .. 13,229 16 9 1903 .. .. .. 1,006 13 6 Interest payable .. .. .. 9 18 4 Premiums .. .. .. .. 24,380 17 5 Commission.. .. .. .. 3,364 0 6 Interest receivable .. .. .. 67 15 7 Land and Income Tax .. .. 15 15 0 Salaries .. .. .. .. 2,287 0 0 Expenses of management .. .. 783 13 11 Further appropriation to reserve for unearned premiums .. .. .. 4,510 0 0 Amount of accident funds, 31st Decern ber, 1903 .. .. .. .. 1,255 2 0 £25,455 6 6 £25,455 6 6 Balance-sheet of the Accident Beanch of the Government Insurance Department on 31st December, 1903. Liabilities. £ s. d. Assets. £ s. d. Accident funds ac per Revenue Account 1,255 2 0 Agents'balances .. .. .. 706 3 5 Claims admitted (proofs not yet com- Interest accrued but not due .. .. 25 16 7 pleted) .. .. .. .. 5,450 0 0 Cash in hand and on current account .. 18,744 0 7 Commission .. .. .. .. 206 15 6 Premium and other deposits .. .. 118 14 2 Sundry accounts owing .. .. 3,915 8 11 Reserve for unearned premiums .. 8,530 0 0 £19,476 0 7 £19,476 0 7 Government Insurance Department, 14th March, 1904. J. H. Richardson, Commissioner. W. B. Hudson, Secretary. Audited and found correct. J. K. Waeburton, Controller and Auditor-General. Approximate Cott of Paper.— Preparation not given ; printing (4,426 copies), £2 12s.
By Authority: John Mackay, Government Printer, Wellington.-1904. Price 3d.]
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ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE), FOR THE YEAR ENDED 31st DECEMBER, 1903., Appendix to the Journals of the House of Representatives, 1904 Session I, H-08a
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603ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE), FOR THE YEAR ENDED 31st DECEMBER, 1903. Appendix to the Journals of the House of Representatives, 1904 Session I, H-08a
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