Profits for motor insurance firms quadrupled to €209 million last year, according to a statistical review of the industry carried out by the Irish Financial Services Regulatory Authority (IFRSA).
The review published today notes that Axa was the most profitable of the motor insurers operating in the State, with profits of €53 million.
The second-most profitable firm was Quinn Direct with €46 million in profits followed by Allianz Ireland with €28.6 million in profits. Friends First General made a loss of just under €2 million.
The value of motor insurance fell as a proportion of the total insurance market, dropping to 43.4 per cent from 46.8 per cent in 2002.
The report reveals that €52.3 million following claims arising from motor crashes involving uninsured drivers. The non-life sector, which includes public liability and fire insurance, also showed a sharp return to profitability.
In 2003 this sector made profits of €417.3 million, reversing a loss of €42 million in 2002. The majority of the profit was generated by Irish-authorised companies with some €66 million being generated from branches of companies regulated outside the State.
The value of this sector also rose and last year was worth 22 per cent of the market.
Overall income from insurance was up 3 per cent in 2003 at €21.87 billion. Savings into SSIA accounts impacted on life assurance business, and the value of gross premiums fell 1.85 per cent to €14.51 billion.