§ Mr. John Fraser
asked the Chancellor of the Exchequer if he will publish details of the total of premiums paid by the Government between 1940 and 1955 under the wartime marine and fire insurance scheme and the total audited losses paid by the insurers during the same period.
§ Mr. MacDermot
I understand that the hon. Member refers to the arrangements for insuring Government-owned commodities and materials during this period. So far as can be determined after this lapse of time, the figures are as follows.
As regards marine insurance, after taking account of the amounts refunded by the underwriters under the agreed profit-sharing formula, the net premiums paid in the years 1940 to 1955 amounted to a little under £29.9 million. Losses incurred in the same period and paid by the insurers amounted to just over £20.3 million.
Fire insurance premiums paid in these years amounted to about £9.2 million, out of which the insurers met losses incurred in the period totalling nearly £8.2 million.310W
Out of the amounts retained by them, the underwriters paid stamp duty and brokerage charges and met their own administrative costs, including the costs of providing expert services to the Departments responsible for the storage and transportation of the Government commodities involved.