asked the Minister for Industry and Commerce if he has satisfied himself with the format of statistics published annually by his Department in relation to the insurance industry with particular reference to the fact that they should reflect the real magnitude of premium increases.
Written Answers. - Insurance Industry Statistics.
78.
I am satisfied with the format of the statistical information on insurance published annually by my Department in the Blue Book. That publication summarises the statements of business transacted which are submitted to me under statute by insurance companies.
The Blue Book includes tables setting out revenue accounts for each class of insurance business. The premium volumes in these tables reflect a number of factors, including alterations in underlying premium rates.
It would not be feasible to publish statistical information on premium rate increases because in most classes of insurance, other than for example motor, household and other personal lines, risks are individually merit rated as opposed to being book rated. Even in motor and other personal lines business, insurers employ different rating structures which do not enable valid comparisons to be made on a general level.