TARIFF REVISED

Hokitika Guardian, 29 September 1926, Page 4

TARIFF REVISED

ACCIDENT INSURANOE. WELLINGTON, Sept, 27. Accident insurance rates in New Zealand arc subject to revision every six years, and as a result of a recent act--1 uarial investigation, which took into 1 account actual claims in every Lidus- , try during the period, a new taiiff gomes into operation on December Ist. | Tt is reported in insurance circles that tfie new rates are being adjusted on lines which secure no increase in gross premium income, but that the j incidence of accident in certain trades - or industries will force companies and ) the State Department to make individual increase. For instance, it is “ regarded as certain that freezing works ' and timber mills will have to pay increased premiums, and that a small , rise be notified to farmers. However, i a large number of the less hazardous i industries will benefit by reductions > designed to offset the increases in ’ other directions. I | The new tariff is being, prepared in - conjunction with the State Accident l Office, the companies being quite prepared to accept its decisions regarding l premiums as the incidence is fixed j actuarily. | This phase of insurance business is [ growing rapidly, nearly two millions of iuew industrial insurance having i' j been added in the last year for which - statistics arc available, while the total j insurance carried exceeds nine milI lions. INCREASED COMPENSATION Tho revision indicated above is in- ,, dependent of the amendment in the j- Workers’ Compensation Act passed last 0 session, which substantially increases 0 benefits. The total incapacity or death c claim may amount to £IOOO instead of the former £750, While compensation for partial incapacity is increased from _ 58 per cent, of the workers’ average i. earnings to GG 2-3 per cent, the weekly o total not to exceed £4, compared with e the former limit of £3 15s. An ime portatit question arises whether flic int suraucc companies will increase rates to meet tho higher risks, i-' Tho Minister in charge of the State u I insurance Department has announced u that the State office will not charge f higher premiums, and it has been de- | cided by private companies that they s will lollow the same policy. ITow--4 ever, as tho experience of both State e and commercial concerns is that claims h under industrial policies amount- to G 3 per cent, of premium income, leaving s a margin of 37 per cent, for commission and other expenses, all insurance * concerns arc feeling the need for close [ attention to ex j>o i i ses. ns the expenses '' margin when tin? new Act operates on -Tanuary Ist., will f,e reduced to 21 1 ;H per cent.

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