B—ll

1948 NEW ZEALAND

REPORT OF THE EARTHQUAKE AND WAR DAMAGE COMMISSION ESTABLISHED UNDER THE EARTHQUAKE AND WAR DAMAGE ACT, 1944, FOR THE YEAR ENDED 31st MARCH, 1948

Presented to both Houses of the General Assembly pursuant to the Provisions of the Earthquake and War Damage Act, 1944

Wellington, 17th June, 1948. In accordance with, the provisions of section 23 of the Earthquake and War Damage Act, 1944, the following report, with a statement of accounts, is presented for the year ended 31st March, 1948. (1) There was no change in the personnel of the Commission during the year. Eleven meetings of the Commission were held. (2) The following is a comparative statement from the 19th December, 1941, when the War Damage Act came into operation. As from the Ist March, 1944, earthquake insurance was included in the scheme :

— Period 19 th 1 December, 1941, to 31st | March, 1945. Twelve Months ended 31st March, 1946. Twelve Months ended .31st March, 1947. Twelve Months ended 31st March, 1948. Income — £ £ £ £ Premium 4,232,166 365,861 410,065 494,938 Interest 173,608 104,725 94,860 129,957 Outgo— Claims 1,093 507 1,779 7,917 Salaries 10,826 2,035 2,162 2,493 Other working-expenses 3,513 1,221 2,091 1,335 Discount to insurance offices 8,834 8,733 9,965 11,843 Audit fee 295 75 ' 75 75 Surplus 4,381,213 458,015 488,853 601,232 Total of Fund 4,381,213 4,839,228 5,328,081 5,929,313 Ratio, per cent., of working-expenses to premium 0-346 0-910 1-055 0-789 income exclusive of discount to insurance offices