STATE INSURANCE OFFICE

Press, Volume LXXXII, Issue 24959, 21 August 1946, Page 4

STATE INSURANCE OFFICE

TAXATION HEAVIEST OUTGOING

Income tax and social security and national security taxes have represented for the last three years the heaviest outgoings of the State Fire Insurance Office, the ratio of total taxation to premium income for last year being 31.94 per cent. The ratio of claims to premium income was 18.13 per cent., against 20.73 per cent, in 1944, and 11.12 per cent, in The premium rates charged last year, according to the annual report to Parliament, were the lowest since the inception of the office. <■

The ratio of working expenses (exclusive of income tax and fire board contributions) to premium income (which was £203,494) was 27.5 per cent., against 29.05 per cent, in 1944, and 24.22 per cent, in 1943. Fire board contributions represented 8.07 per cent, of contributions, compared with 8.9 per cent, in 1944. and 7.18 per cent, in 1943. A higher percentage of premium income, the report discloses, went to claims in the accident insurance branch. The ratio was 71.04 per cent., against 67.91 per cent, in 1944, and 50.47 per cent, in 1943. The ratio of working expenses rose to 18.27 per cent, from 17.37 per cent, in 1944, and 11.37 per cent, in 1943. The total amounts paid in income tax and social security and national security taxes by the department were: —fire insurance office, 1944, £101,989, 1945, £92,842, 1946, £85,342; accident insurance branch. 1944, £65,317, 1945, £84,151, 1946, £ 19,678.