ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE), FOR THE YEAR ENDED 31st DECEMBER, 1909.

Appendix to the Journals of the House of Representatives, 1910 Session I, H-08a

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1910. NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE), FOR THE YEAR ENDED 31st DECEMBER, 1909.

Laid before Parliament pursuant to Section 22 of the Government Accident Insurance Act, 1908 Government Insurance Office, m u!w;) j[. / :..,.'.., Wellington,. 9th June, 1910. I have the honour to submit my report on the business of the Accident Insurance Branch of the Department for the year ended 31st December, 1909, together with the Revenue Account and Balance-sheet. The premium income amounted to £26,337, as against £20,898 in 1908. The exceptional increase of £5,439 is principally due to a large amount of mining business having.been placed with the Department, in consequence of the difficulty which arose over the inclusion of pneumoconiosis in the 1908 Act; but this disease has now been removed from the list, and it is probable that much of this extra business will now revert to the companies which formerly held it, so that this additional item cannot be looked for in the future. The income from interest was £2,178, being an increase of £387 on that of the previous year. The claims (including those in course of settlement at the close of the year) amounted t0£12,805, an increase of £879 on those of 1908. The ratio of claims to premiums earned was 53 per cent. ; and the total provision for outstanding claims now amounts to £11,500. The total expenses, including taxes and commission, were £7,182, as against £6,669 in the previous year. The ratio of expenses to premiums was 273 per cent., showing a considerable fall from the rate for 1908, which was 3T9 per cent. A. further appropriation of £2,264 has been made to the reserve for unearned premiums, which now stands at £11,852, equal to 45 per cent, of the premiums received. The mortgages have increased from £40,080 to £47,710, and the financial position of the Branch is on a very satisfactory footing. J. H. Richaedson, Government Insurance Commissioner. Revenuk Account of the Accident Bkanch of the Government Insurance Department for the Year ended 31st December, 1909. £ b. d. [ £ s. d. Amount of Accident Funds, Ist January, Claims .. .. .. .. 12,805 010 1909 .. .. .. 9,598 8 10 Commission.. .. .. .. 2,981 10 1 Premiums •■ •■ 26,337 0 7 Land and income tax.. .. .. 317 5 0 Interest '.'. '.. ■■ •■ 2,178 9 7 Salaries 3,108 0 0 Expenses of management .. .. 774 17 1O J Further appropriation to reserve for unearned premiums .. .. ~ 2,264 0 0 ] Further transfer to Reserve Fund (sec. 20, I Govt. Accdt. Ins. Act) .. .. 9,598 8 10 • Amount of Accident Funds, 31st December, 1909 .. .. .. .. 6,264 16 5 £38,113 19 0 £38,113 19 0

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Balance-sheet of the Accident Branch of the Government Insurance Department on 31st December, 1909. Liabilities. £ s. d. Assets. £ s. d. Accident Funds as per Revenue Account 6,264 16 5 Mortgages on property .. .. 47,710 0 0 Claims admitted (proofs not yet com- Overdue interest .. £34 0 9 pleted) .. .. .. .. 11,500 0 0 Outstanding interest due but Commission .. .. .. .. 181 1 0 not overdue .. .. 18 15 0 Premium and other deposits .. .. 57 11 11 Interest aoerued but not due 666 3 8 Reserve for unearned premiums .. 11,852 0 0 718 19 5 Investment Fluctuation Reserve .. 1,000 0 0 Agents'balances .. .. .. 556 17 4 Reserve Fund constituted under sec- Sundry accounts owing .. .. 1,097 9 7 tion 20 of the Government Accident Cash in hand and on ourrent aooount . 2,557 311 Insurance Act, 1908 .. .. 21,785 0 11 £52,640 10 3 I £52,640 10 3 Government Insurance Department, 28th February, 1910. J. H. Bichakdson, Commissioner. W. B. Hudson, Secretary. Audited and found correct. Bobert J. Collins, Controller and Auditor-General. Approximate Cost of Paper. —Preparation, not given ; printing (4,000 copies}, i 2 6s. 6d.

Authority : John Mackay, Government Printer, Wellington.—l9lo.

Price 3d.]