The annual report on the insurance industry, released today by the Department of Enterprise, Trade & Employment, shows that Irish authorised insurance companies made an underwriting profit of €25m in the Irish market in 2002.
This was an improvement on the losses recorded in 2001. The Department says this pattern has continued this year, with the industry understood to have made a profit on the underwriting account.
Life assurance premiums were worth €14.8 billion, up 8.8% on 2001. New business premiums edged up to €11.3 billion. Total net premium income rose 18% to €8.4 billion, helped by SSIAs.
In the non-life insurance sector, gross premiums rose 17%, while net premiums were up 11.5%.
In 2002, motor insurance dropped to 47% of the market, compared with 50% in 2001. Liability has risen from 18% to 21%.
