Insurance premiums = 3% of Irish GDP !

Capt'n Midnight · 23-12-2003 12:01am #1

This just can't be true - from the 2002 factfile on http://www.iif.ie/statistics.htm
Non-life gross written premium in Ireland increased 22.5% to €3955 million; ....
Irish GDP grew to €129.3 billion in 2002

Non-life premiums increased by 22.5% to €3.9 billion in 2002. The average annual increase in non-life premiums for 1998-2002 was 18.4% p.a.

Divide one by the other and you get 3.05% - out of every €33 in the economy €1 goes on insurance..

Look at the table on page 8 - in 2002 they collected 3641 and paid out 2870 - ie. a gross margin of 21%

BTW: this does not include "Voluntary" Health insurance or life insurance or pensions....

star gazer · 24-12-2003 12:00pm

It makes sense really. It might have been said that small businesses were just whinging about insurance and the same for mototrists but premiums have rocketed recently. It's as if the whole econmic output was being insured

. The lawyers make a lot out of insurance claims and the personal injuries board is supposed to sort out that, but the insurance companies must be making a pretty penny these days. The stock markets are doing well and penalty points had some effect on motor accidents. Premiums should have fallen a great deal this year, but from a business point of view it's easy not to lower prices when you should as opposed to raising prices.

Capt'n Midnight · 25-12-2003 1:01pm

Originally posted by star gazer
Premiums should have fallen a great deal this year, but from a business point of view it's easy not to lower prices when you should as opposed to raising prices.

Eh? Car insurance premiums are calculated monthly so it should not take more than 32 days for a decrease to tricke through even if they are using a moving average :mad:

Insurance premiums = 3% of Irish GDP !

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