asked the Minister for Industry and Commerce if he will state the amount of premiums collected by foreign insurance companies in the Republic of Ireland for each of the years 1952 to 1954, inclusive.
Ceisteanna—Questions. Oral Answers. - Foreign Insurance Companies: Premiums.
The total amount of premiums collected here in 1952 and 1953 by non-Irish owned insurance companies and by syndicates of Lloyds' Underwriters was £9,130,350 in 1952 and £9,393,875 in 1953. These figures related only to insurance business particulars of which are required to be furnished under the Insurance Acts of 1909 and 1936 and do 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 1954 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.