Profits in the insurance industry fell last year but profits from motor insurance went up 38 per cent according to a report.
The Irish Times reports that motor insurance companies had profits of €357.3 million in 2007 which was up from €258.7 million the year before, according to figures from the Insurance Statistical review.
The overall value of the insurance went up by 22 per cent to €46.2 billion with profits falling 1.9 per cent to €704 million.
Life insurancebusiness went up "sharply" last year the report says, with the motor, property and liability insurance parts of the industry recording "marginal premium growth".
According to the article insurance claims have fallen by 60 per cent over the last four years.
Canince O'Reilly, who is president of the Irish Brokers Association, told the paper that over recent years insurers had been able to release "substantial" amounts from reserves as costs of claims had been lower than expected.
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