Quinn Direct geared for growth as profits jump 38%

QUINN DIRECT is eyeing continued market share growth in the Irish insurance market and further expansion of its presence in the British market, after reporting a strong performance in the first half of the year.

And less that 6% of 1,210 insurance claims settled by Quinn Direct since 2004 were done through the Personal Injuries Assessment Board (PIAB) it emerged yesterday.

The company — which forms part of the larger Quinn Group of businesses — is ranked as the third largest insurer in the Irish market, after only ten years in existence.

Yesterday, the business reported pre-tax profits of €123 million for the six months to the end of June — a rise of 38% on the same period last year.

Underwriting performance and keeping margins strong despite continuing price reductions and the company’s expansion into Britain provided the main areas of satisfaction for the company.

Underwriting profit for the six months came in at €88 million, up from €65m in the first half of last year.

Premium income, meanwhile, showed a year-on-year rise from €316m to €386m.

The company also pledged its support for the Government’s attempts to control claims costs, but criticised the effectiveness of the Personal Injuries Assessment Board (PIAB) since its establishment three years ago.

“We feel, based on our statistics, that the PIAB has had a limited impact. Of all the claims notified to Quinn Direct since July 2004 that were finalised by either the PIAB or the normal legal process, 68 have been settled by the PIAB while 1,142 were settled through the normal legal process,” said the company’s general manager, Colin Morgan.