HC Deb 11 February 1915 vol 69 cc705-6
30. Mr. PETO

asked the President of the Board of Trade whether, though the different life insurance offices have agreed to waive the imposition of a war risks premium in respect to life policies held by those now engaged in His Majesty's Naval and Military Forces, they are imposing an additional premium of two guineas per cent. in the case of life insurance policies held by the captains and officers of vessels engaged by the Government for transport duty and other services of great importance, where, in fact, the personal risk is considerably less; and, if so, whether he will consider the desirability of the Government intervening in this matter?

The PARLIAMENTARY SECRETARY to the ADMIRALTY (Dr. Macnamara)

I understand that the life insurance companies are asking for an additional premium of £3 3s. per cent. per annum for new policies and £2 2s. per cent. per annum for existing policies in the case of officers and others serving in vessels chartered by the Admiralty. It is not quite accurate to say that they are waiving the additional premium for those engaged in His Majesty's Naval and Military Forces. The exemption does not apply to members of the Royal Navy and Royal Fleet Reserve, nor to the Regular Army and Army Reserve, unless already insured at an all-risk rate. The additional premium demanded of those not so insured is, I understand, usually £5 5s. per cent. per annum. The Life Offices Association and the Associated Scottish Life Offices Association have recommended that the premiums should be waived in the case of the Royal Naval Reserve, the Royal Naval Volunteer Reserve, the Territorial Force, and the new levies raised for the War only. The matter referred to by the hon. Member has already been brought to the notice of the Admiralty, who are considering the advisability of approaching the companies on the subject.

31. Mr. LOUGH

asked the President of the Board of Trade the total amount of premiums received up to 31st January by the National War Risks Insurance Bureau; the total amount paid to cover losses; and the net profits after meeting working expenses?

Mr. RUNCIMAN

I do not think the time has yet come for publishing detailed figures with regard to the working of the insurance scheme. Many of the risks have not yet run off.