Hibernian General Insurance managing director Gary Owens blasted the perception that Irish insurers made unusually large profits at the expense of fairness to policyholders.

He said the industry had lost €25bn ( £15.7bn) over the past 10 years, with AXA, Generali, Hibernian and ten Lloyd's syndicates' existing individual markets.

"If the situation is so good, why does no one want to stay?" Owens asked.