Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Thursday, 24 August 1972
Page: 751


Mr Whitlam asked the Minister for External Territories, upon notice:

(1)   What income was received and what investments were made by (a) life and (b) other insurance companies in Papua New Guinea in 1970- 71.

(2)   What percentage of the companies' income was invested in Papua New Guinea (a) industries (b) housing and (c) public loans.

(3)   What action has been taken to ensure that the income which the companies derive from Papua New Guinea operations is invested in Papua New Guinea.

(4)   How many (a) indigenes and (b) expatriates are employed by the companies in Papua New Guinea.


Mr Peacock (KOOYONG, VICTORIA) (Minister for External Territories) - The answer to the honourable member's question is as follows:

(1)   The total income received by life insurance companies operating in Papua New Guinea during 1970-71 is not known. Annual premium on life insurance policies existing in Papua New Guinea for the year ended 30th June 1971 was $4,181,000. Particulars of investments made by life insurance companies in Papua New Guinea during 1970-71 are not known. However, investments by life insurance companies in Papua New Guinea public loans in 1970-71 amounted to $6,200,000 including an amount of $3,275,000 invested in the special loan to finance the purchase of equity in the Bougainville Copper Pty Ltd for the benefit of the people of Papua New Guinea as a whole.

In addition life insurance companies paid loans on mortgage and loans on security of policies amounting to $284,000 in Papua New Guinea in 1970-71. Particulars of the income of general (non-life) insurance companies operating in Papua New Guinea are not available. The only available information about investments is that these companies invested $305,000 in Papua New Guinea public loans in 1970-71.

(2)   The information requested is not available.

(3)   The Treasurer of Papua New Guinea regularly approaches all insurance companies operating in Papua New Guinea for subscriptions to public loans.

(4)   The latest available information on employment by insurance companies is -

(a)   68 indigenous employees

(b)   181 non-indigenous employees.

These figures include agents and brokers.







Suggest corrections