Oireachtas Joint and Select Committees

Thursday, 24 May 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Insurance Costs for Community Groups: Discussion

10:00 am

Mr. Jackie McMahon:

There is an argument that in 2006, when we had new entrants in the market, motor insurance was chronically underpriced, and insurers followed new entrants in. For the customers and public, it is important that insurance companies return a profit. We have mentioned that in the accident year 2017, our margin was 7%. By no means are we getting super-normal profits out of our business.

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