Safety policies 'help reduce claims'

Hibernian Insurance saw its operating profit rise 18% to €224m last year.

The company also reported that motor insurance claims fell significantly in 2003 thanks to the Government's road safety initiatives.

The company forecast that it would reduce premiums by an average of 10% due to the success of these road safety policies.

However, operating profit for its Life and Pensions division was substantially down on 2002 at €93.2m.

The company blamed the decline on falling sales of Special Savings Incentive Accounts which closed in 2002 and lower investor confidence.

In the general insurance division, the operating profit figure increased to €130.5m, compared to €71.1m in 2002.