Pensions and insurance group Hibernian today urged the Government to stay committed to the insurance reform agenda as it said customers were benefiting from lower claims.
The comments come as Hibernian reported a 34 per cent increase in operating profit to €281.8 million as lower claims offset tougher competition in the pension business.
Though premium income fell from €936 million to €835 million in 2004 tighter underwriting, lower claim awards and fewer than expected weather-related events boosted profits.
Hibernian's chief executive Bryan Jenkins said the reduction in claims has allowed Hibernian pass on the benefit to customers.
Drivers with no penalty points are offered a 17.5 per cent discount and commercial insurance rates have fallen by 10 per cent, according to Mr Jenkins.
Mr Jenkins said the company is "very conscious" of the need to ensure that the Personal Injuries Assessment Board (PIAB) operates effectively, and succeeds in reducing the cost of insurance.
"We are fully behind the PIAB and call on Ministers McDowell and Martin to recommit to delivering the reforms intended with the establishment of the PIAB" he said.
More intense competition in the pensions division reduced profits from €80.5 to €57.4 million. Nevertheless the company maintained its third position in the pensions market with a market share of 11 per cent.