Submitted by admin on April 23, 2009 - 01:02
Accident Insurance
Accident insurance in New Zealand is conducted by about 80 companies. Statistics for 1959–60 show the head offices of the companies concerned as being domiciled in Great Britain, Australia, United States of America, Hong Kong, and New Zealand. The principal classes of accident insurance transacted are personal accident, employers' liability under statutory or common law, motor-vehicle insurance – that is, comprehensive and third-party risks – plate glass, and fidelity guarantee. In 1959–60 premiums were £16 million, compared with about £5 million 10 years earlier, and claims were over £10 million as compared with £3 million. Comprehensive motor-vehicle insurance cover accounted for £7.8 million or nearly 50 per cent of total premiums in 1959–60, the next largest source being employers' liability insurance.
With the large number of motor vehicles in relation to population in New Zealand, motor-vehicle insurance (third-party risks) is perhaps of particular interest. Under the Transport Act 1949, all owners of motor vehicles are required to insure against their liability, through their negligence, to pay damages on account of the death of or bodily injury to another person. The insurance premiums are paid at the same time as the annual licence fee, owners being required to nominate each year the company with which the insurance contract is to be made.
The figures for claims have steadily increased. In each of the three years to 30 June 1960, including claims outstanding, they were in excess of the premiums received by as much as 15 per cent. In 1961–62 the premium for private cars and station wagons was £2 6s., which compares with £1 1s. in 1949–50.
The total New Zealand assets of accident insurance companies (excluding those which also conduct fire business) amounted to over £80 million in 1959–60. They included Government and local authority securities, mortgages, property, and company shares and debentures.