Irish insurance companies are adopting the attitudes of UK rather than European companies despite Ireland being part of the euro, according to management company Cap Gemini.

The maintenance of the status quo by Irish companies may mean they will benefit less from enhanced products or cheaper prices than some had been predicting.

The survey of European insurance for Cap Gemini found that corporate insurance business is likely to be the first beneficiary of the euro with personal lines not benefiting for some years.

The survey found that the Irish insurance industry tends to see the euro as a procedural issue rather than as a strategic opportunity or threat.

According to Mr Eamonn Doyle, managing director of Cap Gemini in Ireland, Irish insurance companies are adopting the attitude of their UK parents which are outside the euro zone whereas Ireland is very much part of it.