Insurers could do ‘hell of a lot more’

HIGHLY profitable motor insurance companies could do “a hell of a lot more” to lower premiums for drivers, Transport Minister Martin Cullen has said.

Mr Cullen told the Oireachtas Enterprise and Small Business Committee yesterday that the sector was a highly profitable one, dominated by five companies.

Motor insurers made profits of €329 million last year, according to figures from the Financial Regulator.