(South Tipperary) asked the Minister for Industry and Commerce whether, in view of the fact that the British insurance industry contributes £50 million annually to the balance of payments in that country, he will make a statement as to the corresponding circumstances here.
Ceisteanna—Questions. Oral Answers. - Insurance Industry Contributions to Balance of Payments.
20.
I do not know how the figure of £50 million referred to in the question has been computed and I cannot, therefore, provide a corresponding figure for this country. I have, however, certain figures which may be of interest to the Deputy. As these are in the form of a tabular statement, I propose with your permission, a Cheann Comhairle, to have them circulated with the Official Report.
Following is the statement:
Business of Foreign Insurance Companies in Ireland in 1963 (latest year for which statistics are available):
|
(a) Premium Income |
(b) Claims Commissions Expenses |
Outflow (a) minus (b) |
|
|
£ |
£ |
£ |
|
|
Life companies |
9.5 million |
7.0 million |
2.5 million |
|
Non-life companies |
10.7 million |
9.4 million |
1.3 million |
|
Add interest, dividends and rents from investments in this country |
1.6 million |
||
|
Total outflow |
5.4 million |
||
|
Estimated new investments in Ireland |
8.5 million |
||
|
Net inflow (estimated) |
3.1 million |
||