ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1913.

Appendix to the Journals of the House of Representatives, 1914 Session I, H-08a

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1914 NEW ZEALAND

ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1913.

Laid before Parliament pursuant to Section 22 of the Government Accident Insurance' Act, 1908.

Government Insurance Office, Wellington, 19th May, 1914. 1 have the honour to submit my report on the business of the Accident Insurance Branch of the Department for the year ended 31st December, 1913, together with the Revenue Account and Balance-sheet. The gross premium income amounted to £23,677, and, after deducting reinsurances, to £23,277. The claims (including those in course of settlement at the end of the year) were £11,492, as against £12,016 in the previous year. The income from interest was £3,588, and the total expenses (including taxes and commission) were £7,499. The ratio of expenses to premiums was 32 - 2 per cent., while the ratio to the total income was 27"9 per cent. The funds at the end of the year amounted to £15,322, an increase of £7,874, while the Reserve Fund, constituted under Eection 20 of the Government Accident Insurance Act, 1908, amounted to £39,036. The total assets at the end of the year amounted to £78,002. It is satisfactory that the Department, while maintaining the rates of premium for an indemnity under the Workers' Compensation Act on a lower scale than is charged in the Australian States, and paying the more liberal compensation provided by the New Zealand Act, has been able to build up a strong reserve. Although the additional liability imposed by the Workers' Compensation Amendment Act, 1913, together with the revised scale of rates recently adopted, may to a certain extent diminish the income and increase the claims in future, the financial position of the Branch may be looked upon as unassailable. J. H. Richardson, Government Insurance Commissioner.

Revenue Account op the Accident Branch of the Government Insurance Department fob the Year ended 31st Decembeb,£l9l3. £ s. d. £ s. d. Amount of Accident Funds, Ist January, Claims .. .. .. .. 11,402 4 0 1913 .. .. .. .. 7,447 18 4 Commission.. .. .. .. 2,980 2 9 Premiums .. .. £23,676 17 5 Land and income tax.. .. .. 495 7 6 Less reinsurance pre- Salaries .. .. .. .. 3,154 0 0 miums .. .. 399 8 8 Expenses of manaeoment .. .. 869 14 9 23,277 8 9 Amount of Accident Funds, 31st Deceru Interest .. .. .. .. 3,587 16 8 ber, 1913 .. .. .. .. 15,32114 9 £34,313 3 9 £34,313 3 9

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BaIANCE-SIIEET OF THE ACCIDENT BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT ON 31st December, 1913. Liabilities. £ s. d. Assets. £ s. d. Accident Funds as per Revenue Account 15,321 14 9 Morteeges on property .. .. 72,094 4 0 Claims admitied (proofs not yet com- Overdue interest .. .. £23 5 0 (leied) .. .. .. .. 11,000 0 0 Outstanding interest due but Commission .. .. .. .. 144 4 3! not overdue .. .. 120 16 3 Premium mid other deposits .. .. 25 12 G j Interest accrued but not due 872 14 5 Reserve for unearned premiums . 10,475 0 0j 1,016 15 8 Investment Fluctuation Keeerve .. 2,000 00 j Agents'balances .. .. 507 0 0 Rsserve Fund c nstituted under sec- Sundry accounts owing .. .. 31'J 811 tion 20 of the Government Accident Cash in hand anu on current account .. 3,461 18 5 Insurance Act, l'JOB .. .. 39,035 16 6 £78,002 8 0 £78,002 8 0 Government Insurance Department, 7th April, 1914. J. H. Richardson, Commissioner. W. B. Hudson, Secretary. Audited and found correso. Robert J. Collins, Controller and Auditor-General.

Approximate Cot of Paper.— Preparation, not given; printing (2,500 copies), £2.

Authority : John Mackay. Government Printer, Wellington.—l9l4.

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