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Accident Compensation Corporation (ACC) has announced a net surplus for the year ending in June of $28 million, down from $602 million the previous year.
The drop-off was mainly due to an increase in the predicted future cost of all existing claims, which has risen $2.9 billion to $40.6 billion. The insurer reinvests any surplus back to the accident insurance scheme.
ACC’s annual report shows investment income grew by $1.5 billion to $3.6 billion taking the net investment assets to $40.1 billion.
ACC chairwoman Dame Paula said ACC received a record number of new claims during 2017/18 – up 2% to 1.98 million. It paid out $4.0 billion on claims cost of treatment and rehabilitation services.
ACC said its client satisfaction is now at 80% from 68% in June 2013, with client, business customer and provider net trust scores all improved during 2017/18.
“However, while our results show positive progress, it's clear we still have much to do to lift day-to-day performance as we didn’t achieve all our targets in rehabilitation, elective surgery and reviews,” Paula noted. “This will be a focus in the year ahead as will improving the service we provide to clients, levy payers, businesses and treatment providers.”
