ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1919.

Appendix to the Journals of the House of Representatives, 1920 Session I, H-08a

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1920. NE W ZEAL A N D.

ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1919.

Laid before Parliament pursuant to Section 22 of the Government Accident Insurance Act, 1908.

Government Insurance Office, Wellington. 28th May, 1920. I have the honour to submit my report on the business of the Accident Insurance Branch of tho Department for the year ended 31st December, 1919, together with the Revenue Account and Balance-sheet. The gross premium income amounted to £25,114, anil after deducting reinsurances, to £25,28;"), a record amount, with the exception of one year in which there was a large and temporary influx of mining business. The claims were £13,150, an increase of £2,350 as compared with the previous year. The gross return from interest was £5,754, as compared with £5,316 in 1918. The sum of £1,631 was paid in taxes. The ratio of management expenses to premiums was 27'!) per cent., and to total income 24 per cent., these figures being lower than those of the years preceding the war, and therefore evidencing economy of management. The balance-sheet shows an increase of £33,500 in Wat- Loan stock, and the total holding bv the Accident Branch is now £59,500, in addition to £10,00(1 debentures under the Finance Act, 1915. the two together representing 56 per cent, of the total invested funds. As indicated in previous reports, the accident experience in New Zealand has been carefully tabulated by the Department's Actuary since the coming into operation of the Act. The accumulated experience has enabled the rates to be gradually placed on a scientific basis, with the result that on the whole they are below those charged in the various Australian States, J. H. Richardson, Government Insurance Commissioner.

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Revbnue Account op the Accident Branch op the Government Insurance Department for the Year ended 31st December, 1919. a. d. £ s. d. Amount of Aooident Funds, Ist January, Claims .. .. .. .. 13,119 10 1 1919 .. .. .. .. 6,328 14 8 ! Commission .. .. .. .. 2,785 19 5 Premiums .. .. £25,414 8 8 Salaries .. .. .. .. 3,231 0 0 Less reinsurance pre- Expenses of management .. .. 1,040 3 2 miums .. .. 128 19 11 Further appropriation to Reserve for un25,285 89 I earnod premiums .. .. 1,64.3 0 0 Interest .. .. £5,753 10 1 Amount of Accident Funds, 31st DecernLess land and income ber, 1919 .. .. .. .. 13,886 18 10 tax .. .. 1,631 2 0 4,122 8 1 £35,736 11 6 £35,736 11 6 Balance-sheet op the Accident Branch of tub Government Insurance Department on 31st December, 1919. Liabilities. £ s . d. Assets. £ s . d. Accident Funds, as per Revenue Account 13,886 18 10 Debentures issued under authority of the Claims admitted (proofs not yet com- Finance Aot, 1915 .. .. .. 10,000 0 0 pleted) .. .. .. .. 8,500 0 0 i New Zealand Inscribed Stock — War Commission.. .. .. .. 316 94 J Loans .. .. .. .. 59,500 0 0 Premium and other deposits .. .. 51 3 2 ! Mortgages on property .. .. 54,670 0 0 Reserve for unearned premiums .. 11,377 0 0 , Outstanding interest due but Investment Fluctuation Reserve .. 3,000 0 0| not overdue .. .. 148 10 0 Reserve Fund constituted under sec- ; Interest accrued but not due 1,107 5 11 tion 20 of the Government Aooident 1,255 15 11 Insurance Act, 1908 .. .. 91,808 411 Agents'balances .. .. .. 503 17 1 Sundry accounts owing .. .. 247 18 2 Cash in hand and on current account .. 2,762 5 1 I £128,939 16 3 £128,939 16 3 Government Insurance Department, 28th May, 1920. J. H. Richardson, Commissioner. Geo. W. Baelteop, Secretary. Audited and found correct. Robert J. Collins, Controller and Auditor-General.

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