Irish insurance profits fall

Profits tumble and motor hit hardest with 92% fall

Irish insurance profits fell 82% from €704m in 2007 to just €122m in 2008 on premiums €10bn lower, the Irish Financial Regulator’s Insurance Statistical Review revealed, Irish papers report.

Motor insurance profits, the largest contributor to the industry in both premium income and profits, fell 92% to €35m from €357m, the Irish Examiner said.

Figures (2007 in brackets)

Premium income €36bn (€46bn)
General insurance premium income €7.4bn (€7.56bn)
Irish GI €3.86bn (€4.02bn)
Foreign business written from Ireland €3.54bn
Investment gains €95.5m (€369m)
Net underwriting profit €121.9m (€704.1m)
Of which Irish companies €101.5m and branches of companies authorised in other jurisdictions €20.4m.
Net underwriting profit of foreign business written from Ireland €126.2m (€348m)
Of which Irish authorised companies €142.4m. Branches of companies authorised in other jurisdictions made a total loss of €16.2m

Breakdown by type

Motor insurance 37.62% (38.97%)
Fire and damage to property 25.2% (25.7%)
Liability 18.38% (19.68%)
Accident and health 15.2% (11.42%)

The Irish Times said the country’s largest insurer, Hibernian Aviva, made an underwriting loss of €26.9m, while its health insurance business made a profit of €3.4m.

Quinn Insurance, the second largest general insurer, made an underwriting profit of €73.3m (€150.8m), and posted a loss of €201m on the sale of investments last year.

Websites

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.