Motor insurers under fire after €329m profits

THE Consumer Association last night criticised motor insurance companies for failing to reduce premiums after it emerged they recorded profits of €329 million last year.

Overall, insurance companies made profits of almost €690m last year, two-thirds more than 2003.

Figures from the Financial Regulator show the country’s car insurers earned the largest slice at €329m. This compares with profits of €213m the previous year.