Profits for firms in non-life insurance plunge almost 80%

PROFITS generated by firms operating in the non-life insurance market plunged almost 80% to €228 million last year despite a rise in premiums.

Insurance companies blame the 23% increase to €2.1 billion in the cost of new claims for the hike in insurance costs and the drop in profits.

According to figures released by the Irish Insurance Federation (IIF) total income generated from insurance premiums in both non-life and life was €13.4bn, a drop of 26%.