"Motor Insurance 100 Times more Profitable in Ireland than in the UK" According to the MIAB report page 27, during the period 1983 to 1999 Motor Insurance in Ireland earned a profit of €25m on average each year which was 10 times the profitability of UK Insurers. In 2002 Motor Insurance earned €201m and last year €385m an increase of more than 10 fold making it more than 100 times more profitable to sell motor insurance here than in the UK "While most people have had small decreases in their premium in reality this is the crumbs off the table" said Mick Murphy the National Organiser of MIJAG (Motor Insurance Justice Action Group - mijag.com). "The Department of Enterprise 'Blue Book' shows a huge increase in both Profit and Reserves. In other words the premium increase after 9/11 were never justified and the insurance companies are laughing all the way to the Bank" Mr Murphy said. "Lack of action on this issue was one of the reasons for the hammering the Government took during the last Election. They will ignore this issue at their peril coming up to the next Election" Mr Murphy said. "Tight regulation the same as which applies to health insurance in this country is the minimum that is now required" Mr Murphy added. "All drivers regardless of age should pay an average premium and this should only increase following safety related driving offences being committed. Taking out the huge profit and taking into account the huge reserves built up, the average that anyone should be charged going forward should be €500 down from €670 at present" Mick Murphy said. Back to Press Release Index