asked the Minister for Industry and Commerce if he will state the total amount of money collected by all non-national owned insurance companies operating in the Republic of Ireland for each of the years 1952 and 1953.
Ceisteanna—Questions. Oral Answers. - Non-national Owned Insurance Companies.
The total amount collected here in 1952 by non-Irish owned insurance companies and by syndicates of Lloyds' Underwriters was £9,130,350. This figure relates only to insurance business particulars of which are required to be furnished under the Insurance Acts of 1909 and 1936 and does not, therefore, include marine, aviation and transit business to which the Acts do not refer and for which returns are not required to be made by the companies. The figure for 1953 is not yet available as the statutory returns for that year are not yet due.
It should not be assumed that the premium income collected is the amount of the drain on the national economy as the amounts paid by way of claims to policy holders and the expenses of management incurred within the State have to be deducted. The actual drain is only a fraction of the premium income.
That is obvious but money is still being taken out of the country and put under different control.
Has the Minister got the Irish figure?
The premiums collected by Irish companies would be approximately £6,500,000.