Figures from the Financial Regulator show that profits made by the insurance industry fell slightly last year, but motor insurance profits recovered after a sharp fall in 2006. The Insurance Statistical Review shows that total net profit in the industry was €704m, down from €718m in 2006.
The total volume of insurance business rose by 22% to €46.2 billion, with the value of life assurance premiums rising by 27% to €38.6 billion. Non-life insurance was flat at €7.56 billion.
Motor insurance profits for all companies in the market were just over €357m, up almost €100m on the previous year. This was mainly due to a drop in the cost of claims - from just over €1 billion to just under €890m.
FBD recorded the largest motor insurance profit of €118.2m, followed by Quinn (€79.8m) and Hibernian (€65m).
The accident and insurance market moved back into profit, making €28.4m after a €2m loss in 2006.
There was little change in the make-up of the Irish insurance market, with motor insurance accounting for just under 40% of the market, liability just under 20% and fire and property damage just over 25%.
