Quinn-direct sees profit rise

Quinn-direct Insurance has announced that it made a Pre-Tax Profit of £90m in the six-month period to the end of June 2007, an increase of eight per cent over the first half of 2006.

Written premium increased by 25 per cent to £327m over the same period, including £10m from Quinn-healthcare its newly established health insurance business.

While underwriting margins have reduced after six successive years of premium reductions, which have halved the price of motor insurance, the company is confident of continued growth in market share in Ireland.

Quinn-direct has been the main catalyst for premium reductions taking its share from 7.6 per cent of the motor market in 2000 to 19.4 per cent in 2006 and positioning the company as Ireland's second largest general insurer.

However, as recent premium reductions have not been matched by a similar reduction in claims cost, Quinn-direct would forecast continued pressure on margins in Ireland.

Its UK business continues to develop positively and expectations are to achieve further significant growth in the UK market.

General manager of Quinn-direct, Colin Morgan said: "We are very pleased with the performance of the business so far in 2007. Despite the competitiveness of the insurance market we have continued to increase our market share in Ireland and the UK and are making good progress in our European business.

"We believe that our efficient operations, pro-active claims management and an understanding of our customers' needs will allow us to remain competitive and continue to grow our market share in all markets."