asked the Minister for Industry and Commerce the way in which management expenses per transaction in Irish insurance companies compare with their European competitors; and if he will make a statement on the matter.
Written Answers. - Insurance Companies Management Expenses.
36.
The information sought by the Deputy on a per transaction comparative basis is not available.
However, a survey carried out recently by international consultants indicates that, in terms of the ratio of management expenses to premiums, Ireland compares favourably with most other EC member states. This of course does not obviate the need for further improvement, having regard, particularly, to the increased competition associated with the completion of the internal market. The insurance industry itself is conscious of the need to control and improve efficiency and a number of Irish insurers have introduced up to the minute computer technology with the aim of streamlining their operations. This should lead to lower expenses ratios in the future.