Despite premium rises on business-related insurance, insurers see 25% drop in profit

Profit driven by an increase in claims, report shows

Claims taken through the Injuries Resolution Board were settled for on average €27,538, with legal costs amounting to €709.

Despite an increase in premiums, insurance companies which offer employers’ liability (EL), public liability (PL), and commercial property insurance have seen their profits fall by more than 25% during 2024, driven by an increase in claims during the year, a new report by the Central Bank of Ireland shows.

However, the Alliance for Insurance Reform said there was a “deep disconnect” between falling claims, strong insurer profits, and stubbornly rising premiums.