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.
