Car insurance profits soar in 2003

[Mustang]

Taken from www.rte.ie

"Profits made by motor insurance companies in Ireland quadrupled to just under €209m in 2003, according to a review of the insurance industry published by the financial regulator IFSRA this morning.
A breakdown showed AXA recorded the biggest motor profits, at just under €53m, while Quinn Direct made just under €46m.
The non-life section of the industry - which includes areas such as fire and liability as well as motor insurance - made profits of €417.3m, after a loss of €42m in the previous year. Irish authorised companies accounted for €352m of this. The rest comes from branches of companies regulated in other countries.
Total income from insurance premiums was €21.87 billion in 2003, up 3% on the previous year.
The figures show that the volume of life insurance business in the Irish market fell by 5.6%, having risen in 2002 mainly because of investments in SSIAs.
Motor insurance accounted for 43.4% of the total insurance market, down from 46.8% in 2002.
Non-life net premium income rose written in Ireland increased by 10%.
The report reveals that €52.3m was paid out in 2003 linked to claims arising from motor accidents involving uninsured drivers.
It also includes figures from the Irish Insurance Federation which show that the number of new claims dropped slightly in 2003 from 2002. "