GOVERNMENT INSURANCE.

New Zealand Times, Volume XXXII, Issue 5147, 21 September 1877, Page 7

GOVERNMENT INSURANCE.

The annual report of the Government Insurance Commissioner, which has been laid before Parliament this session, shows the business of the department to be in a very satisfactory .condition. The report states that 1896 proposals were received during the year for £789,564,: of which 487 were; declined or not completed, leaving 1409 policies issued for £563,928., The claims during the year have been exceptionally light, amounting to only £11,760 ; they were 40 in number, and were caused by the death of 39 persons. The number of policies issued since the establishment of the department is 8822, assuring £3,166,213, of which 1479 have been discontinued, leaving 7343 existing policies, assuring £2,734,602. The income of the year from all sources amounted to £91,995 7s. 9d., and the accumulated fund now stands at £219,394 45., being an increase of £65,676 16s. 6d. during the year. The ratio of the total expenses of management (including commission) to the premium income has been reduced to 14 - 7 per cent. The proportion of these expenses chargeable to new business amounted to 47'4 per cent, of the new premiums, and that chargeable to the renewal business to 4 - 5 per cent, of the, renewal premiums. These percentages compare very favorably with those of the most successful English and Colonial Life Assurance, Companies, which generally range from 50, to 80 per cent, on the new,,and from 7toß on the renewal -premiums. . The deficiency in this branch, caused by its being closed immediately after considerable expenditure had been ’in-, curred in starting it, has now been made good, and there is a . balance ,pf £333 Is. 2d. to its credit. One ■. claim • for £l6s ,15s. has arisen ,during the year,, caused by the first death that has been expetienced in, this branch. The Treasury bills now held amount to £211,400, being an increase of £64,000 upon the amount . held in.the previous year. ,