Government Insurance

Feilding Star, Volume XII, Issue 21, 5 August 1890, Page 2

Government Insurance

We have to acknowledge receipt of the annual report of the Government Insurance Commissioner for the year ended 3 1st December, 1889:—"Notwithstanding the intense competition at present obtaining in the colony, the new business, under the energetic supervision of the Inspector and Superintendant of Branches, continues to be satisfactory. The following are the particulars: During the twelve months there were received 4,650 proposals, for a total amount of £1,177,295. Excluding those for annuity policies, 3171 were accepted and completed, assuring £781,255. The annuity policies, the purchase-money of which was £7573 17s 3d, were 16 in number, securing to the annuitants yearly payments amounting to £814 18s 7d. The proposals deferred or declined were 449 in number, for a total amount of £129,850, while the remainder failed to complete. The policies issued in the General Section were 2741, assuring £686,109; and in the Temperance Section 430, assuring £95, 1 46. The new premiums received amounted to £21,998 7s 2d, of which £1909 9s 8d represented single payments. The interest and fees amounted to £81,401 9s 7d, being £7940 17a 7d excess of the amount received in 1888. The average rate was £d 7s 3d per cent, as against £5 5s 7d for the previous year. The total revenue was £298,709 6s lid, being an increase of £16,508 11s lOd on the previous year. The mortality continues below what might be expected. The death- claims under assurance policies, including bonus additions, amounted to £72, 112 17s. Of the 201 deaths recorded as claims, 36 resulted from accident or other violent cause. Endowment assurances n>aturod & endowments matured amounted to £10,839 6s Bd. The accumulated fund has increased by £129,969 3s 3d, and amounted at the end of the year to £1,582,447 17s lid. The fourth quinquennial investigation into the affairs of the Department, by the London Consulting Actuaries, will take place soon after the close of the current year. It is anticipated that there will, as on previous occasions, be a substantial surplus for division amongst the policy holders."