BAD NEWS late last week for customers of Quinn Insurance and in fact everyone who has a home or motor insurance policy in the Republic. Quinn, which insures 20 per cent of Irish motorists and tens of thousands of homes across the State, announced operating losses of €127m for 2009 and warned that home and motor premiums are set to increase by double digits over the next couple of months.
Quinn Insurance actually lost over €750 million last year but most of the losses arise from the company’s inter-group guarantees which forced it into administration earlier this year.
According to the Central Bank, insurance companies in Ireland made combined losses of €124 million in 2009, compared with profits of €122 million the year before – which would indicate that we can expect premium hikes across the board before the end of the year.
Indulgence down as couples count the pennies
ACCORDING TO a financial survey carried out by Kit Kat (yes, we wondered why a chocolate bar was carrying out financial surveys too) over 80 per cent of Irish couples would pay off debts or save for a rainy day if they didn’t have to worry about paying bills for a year.
The survey would suggest that indulgence and extravagence are things of the past and only 15 per cent of couples say they would splash out on new clothes while 22 per cent say they would buy a new car. Irish couples are also unlikely to tell their other half how much they spend on a night out with their mates and over half admitted to fudging the truth. Or lying.
It also reveals that the bill most couples dread the most is the one from their credit card company.
