GOVERNMENT INSURANCE DEPARTMENT.

Globe, Volume XXIV, Issue 2623, 2 September 1882, Page 4

GOVERNMENT INSURANCE DEPARTMENT.

pFBOH THE " PRBSB."J WELLINGTON, August 31. The annual report of the Government Insurance Commissioner (Mr D. M. Luckio) WB3 presented to Parliament to-day. The following ia a summary of its contents : —ln the ordinary branoh there were reoeived during the year new proposals to the cumber of 3216, for a gross sum of £940,737, of whioh 693 were deolined or were not olassed, leaving 2523 proposals for which polioies were issued, assuring £702.912. and producing a new premium income of £26,488 14s 81. These figures exhibit an increase of £152,561 on the sum assured, when compared with the new assurances effeoted in the year immediately preoeding, Tho claims arising by death numbered 83 polioies on the lives of 74 personß assured, representing the sum of £35 040 of original assurances, which amount waa'inoreased by bonus addition to £36,759 17s. The sum of £3OO was also paid on endowment policies, three of whioh matured during the year. The death rate is considerably below the average expectation, and the payments made on acoount of the claims are nearly met by the accrued interest on the funds invested, which for the year reaohed £31,309 17s sd. The continued low rate of mortality and the rapid growth of the income from investments are ciroumstanoes of a highly satisfactory oharaoter. During the year one polioy was cancelled, 136 surrendered, and 897 lapsed. At the olose of the year the total sum assured in tho ordinary branoh on 13,806 policies in foroe was £4 695,538. The year's revenue from all sources was £171,315 15s 3d, being an inorease of £14,700 4i lOd on the revenue of the previous year. The accumulated fund amounted to £653,890 7s 9d, showing an inorcaie of funds by the year's transactions of £96,659 15* lid, notwithstanding the additional expenditure in reversionary cases andjbonuses paid daring the year. In aooordanoa with the promise of the Government expressed in Parliament last session, the industrial branoh, whioh for some years was held in abeyance, had been reconstructed, and was placed in aotive operation on 18th Maroh last. The result in the business accomplished, as shown by the experience of the last few months, baa largely exoeeded the expectations whioh were entertained at the outset. Dp to the 30th June last the new industrial polioies numbered 2593 ; of these 1690 were polioies issued on the lives of infants, on which a we kly payment of twopence each is oolleoted. These polioies show an average amount assured at entry of about £6 10s 7d eaoh, which sum increases with every year the policy endures until the child attains the age of twelve years, when the amount assured beoomes fixed at £2O. The industrial polioies issued on adult lives were 903, with an average amount assured of £sl 7s 61, and an average weekly preminm of BJd. The average sum assured, including both infantile and adult policies, is £22 3s, with a weekly premium of 4Jd, giving approximately a total sum assured by the new polioies issued botween Maroh 13th and 30th Jane of £57,425, produoing an annual premium revenue of £2409. The progress of thia branoh continues rapidly to increase, and gives promise of a wide development. The new polioies issued from the industrial branoh down to the date of this report already exoeeds 5000. Taking together the new business for the year in both branches tho total amount of new assurances effected in the period is £760,337, which is the largest sum assured in the department in any one year since the establishment of the office. The experience of thejyear now entered upon appears to indicate a continued expansion. With the beginning of the now ourrrent finanoial year (Ist July) a new feature was introduced into the department, a special section being then opened for the insurance of the lives of total abstainers from intoxicating liquors. _ The tables of premiums for insurers in this seotion are the same as for others, bat they are entered in a separate class, and the profits whioh may acorue are to be allocated solely amongst those insared therein and who adhere in practice to the total abstinence prinoiple they profess. Those who fail to fulfil this speoial condition of the contract forfeit their right to any share in such profit and are placed in a non-partici-pating olass. Numerous temperance sooieties have signified their satisfaction with the introduction of the experiment. Attention has been devoted to the work of liberalising the departmental regulations and practice, with the view of offering to the assured the fullest advantages that careful management would warrant. To encourage early habits of thrift among the young the tables of premiums have been extended so as to include lives from the age of fifteen upwards, and the more liberal method of reckoning the " nearest" birthday as the basis of the premium rate for age at entry has now been adopted in the department in lieu of that of "next" birthday, whioh is almost invariably used among insurance offices. Arrangements are in progress for increasing the opportunities for the revival of lapaod policies and for enlarging the conditions under which such revivals may be eeoured. Further improvements will be effeoted as the growing experience of the life assurance system may suggest and justify.