Insurance windfall to drive down costs

CHEAPER home and car insurance is on the way after figures released yesterday showed the Irish insurance industry had a bumper year last year, with combined profits of almost €750 million.

The Irish Insurance Federation (IIF), which represents the industry, said the combined profits for the 20 non-life insurance companies active in Ireland jumped from €226m to €747m last year, as motor claims fell and general conditions improved.

But the IIF said the sharp increase in profits should be seen in the context of losses suffered by insurers in recent years.