OCCUPATIONS AND RISK

Auckland Star, Volume LVII, Issue 305, 24 December 1926, Page 6

OCCUPATIONS AND RISK

Any reductions in costs are doubly welcome on Christmas Eve, so the announcement of new rates for industrial insurance will be read with more than usual interest. Our Wellington correspondent explains that this is a periodical revision done by an expert and based upon experience, and no allowance has been made for the increased benefits to be paid out from January 1 under the legislation of last session. The State Insurance Department announced at the time that it would not increase its premiums to meet the greater liability, and private companies have come to the same decision, though, according to our correspondent, it will make a serious inroad into their profits. It is hardly likely that the companies would have done this without a lead from the State Department, so we may say that in industrial as in fire insurance, the competition of the State has kept down rates.

In the new schedule there are many points of interest. In fourteen per cent of industrial insurance business rates are increased, in fifty-two per cent there is no change, and in thirty-four there will be lower premiums. Some callings have been found to be more dangerous than former experience suggested; and others to be less dangerous. In the first class are farm workers, lime and cement workers, meat workers and wharf labourers. Working on wharves appears to be one of the most dangerous of occupations, for the premium is £6 per cent, against £4 10/ for timber work in the bush, and £4 for coal mining. It is rather surprising to find that premiums have been increased for seamen and for tramway employees. Some of the decreases are equally interesting. There is a substantial reduction for [ drivers of horse carts and motor lorries and for commercial travellers, including those who drive cars. The number of motor accidents is so large that one would hardly expect this. The premium for commercial travellers is the lowest on our list. The premium for coal mining remains as it was, but that for gold mining is reduced. What the net effect of all this readjustment will be is not stated, but since in only fourteen per cent of business are the rates raised, it will probably mean a smaller bill to employers, and since in the end the consumer pays, this will affect the cost of living. However trifling this may be, it will be an acceptable Christmas present.