The Irish insurance industry earned profits of more than €700 million last year, a new survey revealed today.
According to the Financial Regulator, Irish firms secured profits of €629 million, while branches of foreign-based companies made €89 million.
The industry took in almost €38 billion in premiums from clients seeking financial protection in Ireland.
The Regulator's Insurance Statistical Review for 2006 showed the sector grew by a fifth compared to business done in 2005 with the life assurance market generating 80 per cent of revenue.
Of the total income, €30.38 billion was generated by life companies, and €7.45 billion by non-life companies.
The Regulator's report showed motor insurance remained the biggest area of business at home accounting for 40 per cent of the market.
Liability dropped slightly to 19 per cent in 2006 while fire and damage to property represented just over 25 per cent of the market last year.
Foreign business conducted in Ireland showed motor insurance was worth 14 per cent of the market; liability 21 per cent ; fire and damage to property 23 per cent while accident and health business was 17 per cent .
PA