MUCH LESS SATISFACTORY

Evening Star, Issue 20556, 7 August 1930, Page 14

MUCH LESS SATISFACTORY

ACCIDENT AND FIRE INSURANCE FUND YET CITY HAS SAVED OH ITS VENTURE “The year’s operations in connection with the accident and fire insurance fund have been much less satisfactory than many' of the immediate past yeais —indeed, it is probably the worst experience we have so far met in handling the business of our own risks,” states the town clerk (Mr G. A. Lewin) in his annual report. This is notably the case in respect of the accident branch, where the total claims paid amounted to the respectable total of ££(,587 16s 6d. Unfortunately the figures are increased by the occurrence of two fatal accidents —one in tho tramways department and the other m the electric department. In addition to these two fatal results there have been quite an abnormal'number of cases of permanent partial disability, and these have called for fairly heavy payments "in the settlements. The year opened with five cases where compensation was being paid, while during the year 175 fresh cases were dealt with, and a further 182 reports were put on record, but out of which no claim for compensation was called for. The number of claims calling for payments and the cost for the year was distributed departmentally as follows:

The surplus standing to the credit of the combined fund when the year opened was £64,627 10s 3d—£39,598 7s 4d in respect of the fire branch and £25,031 2s lid in respect of the accident branch. At the close of the year the amount to credit had risen io £67;462 0s 6d, £42,808 16s 3d of which belonged to the fire branch and £24.653 4s 3d to the accident, the latter having to submit to a reduction of £377 18s Bd. The final result is a net gain for the year, taking the two brandies together, of £2,834 10s 3d, and this is the lowest surplus we have had for many years now. In respect of the fire branch, four claims were made against the fund, the only one of any note being the caretaker’s residence at Logan Park, and in respect of this _ the fund con* tributed the entire cost of a new building amounting to £B9l 10s. The total charge against the premiums for the yearf which amounted to £2,127 12s 7d, was £1,037 8s 6d, while the fund earned in interest the sum of £2,122 4s lOd. For record purposes, it is worth stating that the accident branch has been in operation for thirteen years, while the fire branch has just completed its twelfth year. Originally a sum of £IO,OOO was set aside to form the nucleus of the fire branch, and if compound interest were allowed on this sura for twelve years at 5 per cent, the amount would be £17,958. If. therefore, that sum was deducted from the surplus to March 31 last of £67,462 0s 6d. the result of £49,504 would represent the net gain to the city from the venture of carrying its own accident and fire risks for the period stated.

Department. Municipal Water .. • Gas . Tramways Electric power ... .. Electric power, (War pori dam) Claims. Amount. .. 51 £912 11 5 .. 11 140 6 6 .. 11 164 12 I . 15 1,7S7 14 8 . 15 1,212 19 7 . 72 2,339 12 3 Totals 175 £6,587 16 0