Insurance hike alert as profits plunge

THE combined profits of insurance companies in Ireland fell 82% last year to almost €122 million. This follows a fall of 2% in 2007 and 10% in 2006.

One of the largest insurance firms, FBD said recently it believes insurance premiums are likely to increase by up to 15% in Ireland having already soared around 20% over the last year.

Motor insurance profits here, the largest contributor to the industry in both premium income and profits, plunged 92% to €35m from €357m in 2007.