asked the Minister for Industry and Commerce whether his attention has been drawn to the efforts made in Éire by certain interests to contract general war risk insurance, and whether in view of the financial risks attending such operations, he is prepared to take action either in the direction of arranging for State participation in some war risk insurance scheme or of discouraging efforts made through private channels.
Ceisteanna—Questions. Oral Answers. - War Risk Insurance.
My attention has been drawn to efforts of the kind mentioned in the question. While I do not suggest that the persons responsible for these efforts have any intention to defraud, their appeal to the public to subscribe premiums seems likely to mislead members of the public into the error of supposing that a substantial indemnity against the risk of war damage is afforded. It is desirable that the public should be aware that responsible insurance bodies regard the risk of war damage to fixed property as uninsurable and have declined to undertake this class of insurance business. I have under consideration the question of appropriate action to curtail the activities of the promoters of war risk insurance schemes.
Will the Minister say whether he proposes to state the Government's policy with regard to the general question of war risk insurance?
I think that the policy has been sufficiently stated in my reply.
I understand the policy is that the Government have no policy and no plan. The Minister now intimates that he proposes simply to warn the public regarding the promoters of war risk insurance schemes.
No policy and no plan can be devised against unforeseen risks.