Insurance companies made €1.22 billion profit last year on motor, property and liability premiums, it was revealed today.
The figure was up 15 per cent on the previous year, according to the Financial Regulator's latest report.
Motor insurance profits surged by 26 per cent to €418 million, while the cost of claims incurred dropped from €1.1 billion on the previous year to €921 million.
The Irish Insurance Federation (IIF) immediately welcomed the report as good news for both shareholders and policyholders. It claimed motor premiums had been slashed by 45 per cent on average over the past three years.
"Can the same be said of the price of any other products or services in the Irish market?" said IIF chief executive Michael Kemp.
"Indeed, since June 1992, doctors' fees have climbed by 161 per cent, a pint of stout by 78 per cent, electricity by 60 per cent and natural gas by 50 per cent, according to CSO data," he added.
PA