Combined profits at 17 insurance firms rise by more than 1,300% in a year

Profits at insurance companies have increased by more than 1000%, despite rising premiums for customers.

According to the Irish Independent, the 17 domestic non-life insurers made combined profits of €227m in 2017, up from €16m in 2016.

This is an increase of 1,318%.

Motor cover for private and commercial motorists gave the insurers combined profits of €125m, while average motor insurance premiums increased by 70% between 2013 and 2016.

Household and commercial property insurance provided combined profits of €84.3m to the 17 firms.

There are calls on the Government to do more to bring down insurance costs.

Chairman of the Consumers Association Michael Kilcoyne told the Independent: "It is time they started sharing the profits with the rest of us.

"They have a captive market in motors and they charge what they like."

However, an Insurance Ireland spokesman said that in the five years up to 2017, general insurers had made underwriting losses, incurred after they paid out claims and accounted for administrative expenses.

They said: "Irish general insurers had underwriting losses in motor and liability insurance of over €1.1bn in the five years to 2017 - €757m in motor and €349m in liability.

"The liability markets were still loss-making in 2017 with underwriting losses of €47m."

More on this topic

Saga shareholders give board bloody nose over pay

Irishman Barry O'Dwyer appointed group chief executive of Royal London

People found guilty of perjury could face €100,000 fine under proposed laws

Making Cents: Planning for the worst will help you relax abroad

More in this Section

Three injured, two seriously, in three-car collision in Limerick

Man, 70s, arrested in connection with 1984 murder of Marie Tierney

70% increase in number of carers diagnosed with depression in last 10 years

Dublin is still the most expensive city in the Eurozone to live in


Stereolab: The right band at the wrong time

Kaleidoscope: The festival that is Electric Picnic for families

The High Priestess of Punk on 40 years in showbusiness ahead of Irish gig

Orla O’Regan: ‘I treasure the way my life has turned out’

More From The Irish Examiner