The overall Quinn Group owes Anglo Irish Bank about €3bn, and the administrators of its insurance business say challenging conditions in 2009 affected its profitability.
Hit by both the health insurance levy and the cost of covering claims to do with last winter's bad weather, Quinn Insurance, which provides cover for one in five motorists in Ireland, says home and motor premiums are likely to increase by double digit figures in the next couple of months.
Its administrators say the firm is performing robustly, but figures out this morning show a loss for 2009 of over €750m.
The bulk of the loss, at €677m, stems from a charge to do with Quinn's controversial inter-group guarantees that pushed Quinn Insurance into administration last Spring.
The figures for Quinn are contained in the Central Bank's Insurance Statistical Review for 2009, which shows that insurance companies in Ireland made combined losses of €124m in 2009, compared with profits of €122m the year before.
The losses in the once very lucrative sector suggest premium hikes across the board in coming months.
Michael McAteer, one of Quinn's administrators, said that there is likely to be a10% increase in motor and home insurance for Quinn Insurance customers in the coming months.
Meanwhile, the Irish Insurance Federation has attributed much of the €124m in losses in the industry last year to an increase in claims for flooding.
The Federation also said the snow and freezing conditions in January would also have an impact this year.
