ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE), FOR THE YEAR ENDED 31st DECEMBER, 1907.

Appendix to the Journals of the House of Representatives, 1908 Session I, H-08a

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1908. NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE), FOR THE YEAR ENDED 31st DECEMBER, 1907.

Laid before Parliament pursuant to Section 26 of " The Government Accident Insurance Act, 1899."

Government Insurance Office, Wellington, 12th May, 1908. I have the honour to submit my report on the business of the Accident Insurance Branch of the Department for the year ending 31st December, 1907, together with the appended Revenue Account and Balance-sheet. The premium income amounted to £21,477, as against £20,815 in 1906, being an increase of £662. The income from interest was £1,358, being an increase of £244 on that of the previous year. The claims, including provision for those in course of settlement at the end of the year, amounted to £11,288, showing a decrease of £2,432. The ratio of claims to premiums earned was 53 per cent., as against 66 per cent, in the previous year. The expenses, including taxes and commission, were £6,647, and the ratio to premiums was 309 per cent., as against 317 per cent, in 1906. The accident funds now stand at £6,505, and in addition the branch has a reserve fund of £12,187. The investments are on a satisfactory footing, and there is no interest overdue. J. H. Richardson, Government Insurance Commissioner.

Revenue Account of the Accident Branch of the Government Insurance Department for the Year ended 31st December, 1907. £ s. d. £ g. d. Amount of Acoident Funds, Ist January, Claims .. .. .. .. 11,287 13 8 1907 .. .. .. .. 1,604 3 5 Commission.. .. .. .. 2,975 9 5 Premiums .. .. .. .. 21,477 3 8 Land and inoome tax.. .. .. 358 19 7 Interest .. .. .. •• 1,358 3 9 Salaries .. .. .. .. 2,602 0 0 Expenses of management .. .. 710 7 1 Amount of Aocident Funds, 31st December, 1907 .. .. .. .. 6,505 1 6 £24,439 10 10 £24,439 10 10

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Balance-sheet of the Accident Branch of the Government Insurance Department on 31st December, 1907. Liabilities. £ s. d. Assets. £ s. d. Accident Funds as per Revenue Account 6,505 1 6 Mortgages on property .. .. 35,605 0 0 Claims admitted (proofs not yet com- Outstanding interest due but pleted) .. .. .. .. 9,700 0 0 not overdue .. .. £20 12 6 Commission .. .. .. .. 191 0 3 Interest aocrued but not due 474 17 5 Premium and other deposits .. .. 23 2 0 495 911 Reserve for unearned premiums .. 9,588 0 0 Agents'balances .. .. .. 316 14 8 Reserve Fund constituted under sec- Sundry accounts owing .. .. 85 9 8 tion 24 of "The Government Accident Cash in hand and on current acoount .. 1,691 1 7 Insurance Act, 1899" .. .. 12,186 12 .1 £38,193 15 10 £38,193 15 10 Government Insurance Department, 28th February, 1908. J. H. Richardson, Commissioner. W. B. Hudson, Secretary. Audited and found correct. J. K. Warburton, Controller and Auditor-General. Approximate Coat of Paper.— Preparation, not given ; printing (4.000 copiesi. £2 4s. 6d.

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