Figures from the Financial Regulator show that insurance companies' sales and profits fell sharply last year.
Underwriting profits in the Irish market plunged by almost 83% to €121.9m, while insurance companies' income from their investments fell to €95.5m from €369m in 2007 as stock markets slumped.
Total income from insurance premiums last year was €35.9 billion, down 22% from 2007. €28.5 billion of this was from life assurance companies, a drop of 26%. €7.4 billion came from non-life companies, down slightly from €7.56 billion in 2007.
The figures are broadly in line with those issued by the insurance industry last month. The Irish Insurance Federation's Factfile blamed an increase in claims for the lower profits in the industry.
