Insurance review - Time for firms to cut premiums

THE vast profits of insurance companies in Ireland will fuel claims that the financial services industry is creaming it on the backs of long-suffering consumers.

The insurance industry will find it hard to downplay the figures issued yesterday by IFSRA, the financial regulator.

These latest revelations come hard on the heels of last week’s damning report on huge profits returned by the country’s two leading banks, AIB and Bank of Ireland.