An Ennis insurer insists that profit must not be looked at as a “dirty word”.
It comes as figures have revealed profits for insurance firms have jumped by a staggering 1,300%, while insurance premium costs are still 50% higher than a decade ago, despite a marginal fall recently.
17 general insurers alone made combined operating profits of €227 million in 2017, the latest date for overall data on the sector.
It’s been labelled a “rip off” situation by the Consumers Association and led to calls on the government to take action to address the cost of insurance.
CEO of MunsterGroup Insurance Padraic McNicholas has been telling Clare FM’s James Mulhall that this is in fact positive news – both for their sector and the consumer: