Over €1billion Being Taken in Profit from our Insurance Reserves The record Profits posted by the Insurance Companies for 2002, 2003 and projected for 2004 have come about as a result of the insurance companies writing down their reserve funds. "The amount of money involved is equal to the insurance premiums for everyone in the country for a year" argued Mick Murphy the National Organiser of MIJAG, the Motor Insurance Justice Action Group. "The Government sat back and watched as we all paid increases of up to 100% in the previous three years. This is our money and the insurance companies are being allowed to walk off with the kitty" Mr Murphy said. "This drop in insurance reserves has come about due to the success in particular of the penalty points system and the projected savings in legal fees when the Personal Injury Assessment Board (PIAB) starts up in April. It is not due to anything the insurance companies have done and they should not be allowed to reap the benefit" Mr Murphy said. "Young Drivers still pay an average of €2,200 for insurance. Some of these reserves could be used to drop all young drivers onto the average premium where they stay as long as they have a safe driving record" Mr Murphy said. "Or better again everyone should be given one year free insurance as they paid this money in the first place" Mr Murphy added. Back to Press Release Index