asked the Minister for Industry and Commerce the total by way of premiums collected by (1) Irish insurance companies and (2) British insurance companies based in Ireland in each of the past three years; and the proportion of this amount invested in private housing by Irish and British companies respectively.
121.
asked the Minister for Industry and Commerce the proportion of premiums collected by Irish based British insurance companies which are reinvested in Ireland.
With your permission, a Cheann Comhairle, I propose to take Questions Nos. 120 and 121 together.
Particulars of annual life assurance and non-life insurance premiums collected in Ireland by Irish and non-Irish companies up to 1970 inclusive may be obtained from the Summary of Statements of Assurance Business published annually by my Department, copies of which are in the Library. Figures for 1971 which will be published shortly are Irish companies, £21.9 million for life insurance and £7 million for non-life; British companies, £17.6 million life insurance and £26.4 non-life.
As regards investment here by insurance companies, only a part of the money received in premiums is available for investment and, accordingly, it has been the practice to calculate investments, not as a proportion of premiums, but as a proportion of the insurance funds. While exact figures are not available, the proportion of funds invested in Ireland by Irish and British life offices is over 70 per cent in both cases. Figures for non-life, which are, of course, much less substantial, are not known. Investment by insurance companies in private housing in the four years 1969-70 to 1972-73 has been £6.77 million, £6.77 million, £7.91 million, and £6.86 million.
