H.—6A

1944 NEW ZEALAND

ACCIDENT INSURANCE BRANCH OF THE STATE FIRE INSURANCE OFFICE (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1943

Presented to both Houses of the General Assembly -pursuant to Section 22 of the Government Accident Insurance Act, 1908

State Fire Insurance Office, Wellington, 30th March, 1944. I have the honour to submit the forty-third annual report of the Government Accident Insurance Office for the year ended 31st December, 1943, together with the Revenue Account and Balance-sheet. The following comparison with the previous two years shows the position briefly : — 1941. 1942. 1943. Income— , ££££££ Premiums from all classes of accident insurance 268,775 232,241 384,035 Interest .. .. .. .. 19,771 22,364 22,588 Profit on realization of securities .. .... 18 288,546 254,623 406,623 Outgo— Bonus and sums accrued under profit-sharing schemes .. .. .. .. 6,920 3,746 590 Claims.. .. .. .. .. 134,208 122,826 193,816 Working-expenses (exclusive of income-tax) . . 42,442 38,172 43,656 Carried to reserve for unearned premiums .. 3,826 .. 72,813 Income-tax .. .. .. ..65,087 68,930 54,597 National and social security tax .. .. 12,784 13,797 10,720 Loss on realization of securities .. .. 2,146 —267,413 247,471 376,192 Surplus, apportioned as follows : — Bonus Reserve .. .. .. .. .. .. 30,000 Reserve Fund .. .. ..21,133 7,152 431 21,133 7,152 30,431 Total .. .. .. 288,546 254,623 406,623 Reserves and funds as at 31st December .. 579,925 587,077 690,321 Ratio of claims (all classes of business) to premium Per Cent. Per Cent. Per Cent, income.. .. .. .. .. 49-93 52-89 50-47 Ratio of working-expenses (exclusive of incometax) to premium income .. .. ..15-79 16-43 11-37 Ratio of underwriting surplus to premium income 5-66 0-21 6-18 1. The premium income of £384,035 is by far the largest in the history of the Office, and is over £151,000 greater than for 1942. Every important section of accident business shows an increase, but the greatest increase was recorded under the heading of " Workers' Compensation Insurance," due largely to special insurances effected as a consequence of allied war activities within the Dominion. In 1925, when the Accident Branch was combined with the State Fire Office, the premium income was £49,966.