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Dáil
‹ Ceisteanna—Questions. Oral Answers. - Insurance Companies.

Motor insurers and compensation levy

Summary

The Minister said 26 insurers cover about 650,000 private cars, with 1982 motor premiums of roughly £202 million. Arrangements to collect the compensation levy are underway, and no company has indicated it cannot pay.

asked the Minister for Trade, Commerce and Tourism the number of insurers writing motor insurance in this country; the number insured by the various motor insurers; and if he will give an estimate of their total premium income for 1983.

Comment on this
Frank Cluskey Minister for Trade, Commerce and Tourism (Mr. Cluskey) Labour Party

There are at present 26 insurers writing motor insurance in the country and it is estimated that they provide cover for approximately 650,000 private motor cars.

Nineteen hundred and eighty-two is the latest year for which total market figures are available and in that year net earned premium income for motor insurance amounted to approximately £202 million.

Comment on this

With regard to the 1 per cent compensation fund which has been referred to recently, have arrangements been made to levy the 2 per cent on the 26 companies?

Comment on this

Yes, arrangements are being made at the moment.

Comment on this

Have any of the 26 companies indicated that they will not be in a position to meet the levy?

Comment on this

We have no indication of that at all. The co-operation we have received from the industry has been extremely helpful and is appreciated.

2.

Comment on this