Motor Insurance.

Dáil Éireann Debate, Tuesday - 30 May 2006

Tuesday, 30 May 2006

Questions (374)

Willie Penrose

Question:

414 Mr. Penrose asked the Minister for Transport the profits reported by insurance companies in motor vehicle sections, who operate in the Irish markets for each of the years 2003, 2004, 2005 and to date in 2006 if appropriate; if he has satisfied himself that the significantly increased profits experienced by insurance companies engaged in the provision of motor vehicle insurance has been reflected in additional reductions in insurance premiums; and if he will make a statement on the matter. [21110/06]

Written answers

Minister for Transport (Mr. Cullen)

Information of this nature is submitted to the Financial Regulator and published annually in the Insurance Statistical Review, which is laid before both Houses of the Oireachtas. The most recent figures available were published in September 2005 in the Financial Regulator's Insurance Statistical Review 2004.

I assume the Deputy is referring to underwriting profits. The total non-life underwriting profits reported in the State less those on motor insurance, were EUR204 million in 2003 and EUR360 million in 2004. The corresponding figures for 2005 are in the process of being collated and will be published later in the year. The 2006 figures are not yet available.