PROFITS SURGING IN IRISH NON-LIFE MARKET, IIF FIGURES SHOW

Irish non-life insurers saw operating profits jump in 2002 to 216.8m euro from a year-earlier 67.2m euro, according to figures just released by the Irish Insurance Federation (IIF). The IIF said that growth had been driven by motor insurance business, which accounts for 48% of all non-life premiums in the country, and masked the continuing losses being recorded in the employers’ liability and public liability markets. Gross premium income for the year was 3.95bn euro, up 22% on 2001, while net written premiums were up 10% to 3.2bn euro.