ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1910.

Appendix to the Journals of the House of Representatives, 1911 Session I, H-08a

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1911 NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1910.

Laid before Parliament pursuant to Section 22 of the Government Accident Insurance Act, 1908.

Government Insurance Office, Wellington, 15th July, 1911. I have the honour to submit my report on the business of tne Accident Insurance Branch of the Department for the year ended 31st December, 1910, together with the Eevenue Account and balance-sheet. The premium income amounted to £21,364, as against £26,337 in 1909, a decrease of £4,973. The business for 1909 was swelled by a large number of mining risks having been placed with the Department for reasons mentioned in my last report, but, as there anticipated, much of this business has now reverted to the companies which formerly held it. The income from interest was £2,544, an increase of £365 on that for the previous year. The claims (including those in course of settlement at the close of the year) amounted to £12,522. Since commencing business on the 7th June, 1901, the sum of £108,631 has been paid by the Branch in compensation for accidents. The total expenses (including taxes and commission) were £6,620, as against £7,182 in the previous year. The financial position is most satisfactory, but the changes that are made from time to time in the legislation regarding compensation to workmen, which constitutes the chief business of the Branch, render it difficult to get the premiums on a scientific basis, and, with the exception of those for the more important industries, they are still in a more or less experimental stage. The position is also complicated owing to the fact that the intense competition obtaining in the business has in several important trades occasioned the reduction of the rates co a basis that is unprofitable. J. H. Richardson, Government Insurance Commissioner.

Revenue Account of the Accident Branch of the Government Insurance Department for the Year ended 31st December, 1910. £ s. d. j £ s . d. Amount of Accident Fundß, Ist January, Claims .. 12,522 8 6 1910 .. .. 6,264 16 5 : Commission .. .. 2,562 4 8 Premiums .. 21,363 10 6 ' Land and income tax.. 273 0 0 Interest .. .. .. •• 2,543 15 11 : Salaries .. 3,151 0 0 | Expenses of management .. 634 0 8 Amount of Accident Funds, 31st Decernber, 1910 .. .. 11,029 9 0 £30,172 2 10 £30,172 2 10

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Balance-sheet of the Accident Branch of the Government Insurance Department on 31st December, 1910. Liabilities. £ s. d. Assets. £ s. d. Acoident Funds as per Revenue Accouut 11,029 9 0 Mortgages on property .. 52,165 0 0 Claims admitted (proofs not yet com- Overdue interest .. .. Nil pleted) .. .. 11,500 0 0 Outstanding interest due but Commission .. .. .. 146 11 3 not overdue .. .. £52 16 3 Premium and other deposits .. .. 33 12 Interest accrued but not due 700 7 1 Reserve for unearned premiums 11,852 0 0 753 8 4 Investment Fluctuation Reserve .. 1,000 0 0 Agents'balances .. .. .. 233 1 8 Reserve Fund constituted under seo- S mdry accounts owing .. .. 271 4 7 tion 20 of the Government Accident Cash in hand and on current acoount .. 3,925 12 9 Insurance Aot, 1908 .. .. 21,785 011 £57,348 2 4 £57,348 2 4 Government Insurance Department, 13th February, 1911. J. H. Richardson, Commissioner. W. B. Hudson, Secretary. Audited and found correct. Robert J. Collins, Controller and Auditor-General. t

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