Call for super tax on insurers who are accused of turning Ireland into ‘treasure island’

Insurance

5 April 2022

Insurance companies have been accused of turning Ireland into “treasure island” with claims they are on course to make super-profits this year.

The Alliance for Insurance Reform called on the Government to do more to boost competition in the market.

And the chairman of the Consumers’ Association of Ireland, Michael Kilcoyne, said it might be time to consider a super tax on insurers after two of them raked in profits of €150m between them.

FBD reported higher-than-expected profits before tax of €110m for last year and said it would pay a dividend worth €35.3m to its investors.

Aviva saw its profits for homes and motor cover rise by 34pc to €43m last year.

It said it had reduced premiums in line with the new personal injury guidelines agreed by judges, with expected lower costs for minor injury claims.

This week Tánaiste Leo Varadkar said the average awards for personal injuries had fallen by 50pc since revised guidelines on the calculation of the awards were introduced.

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