Originally Posted by Charlie Weston
Insurance companies have enjoyed a profits surge from covering homes, drivers and businesses.
Profits have jumped by a staggering 1,300pc, despite the country being gripped by an insurance crisis.
New figures from the industry show 17 general insurers in this market made combined operating profits of €227m in 2017, the latest date for overall data on the sector.
These profits were up from €16m in 2016, according to Insurance Ireland - equal to a rise of 1,318pc.
Motor cover proved hugely profitable in 2017.
The 17 domestic non-life insurers made combined profits of €125m from private and commercial motorists.
So for years we have been hearing that the massive increase in costs is ALL down to the cost of claims.
And a very strong point made here, not followed through on other than a soundbite from the Insurance sector
Pressure group Alliance Ireland questioned how much money insurers are repatriating to their parent companies.
Peter Boland of the Alliance said: "This figure has distorted performance in the past."
He said the Central Bank forced insurers to bump up their reserves in 2015. Insurers will now find they have over-reserved and will be able to boost their profits by writing these back.