Irish insurers still culling reserves

Despite reserve increases and suffering the worst motor losses in the market, Quinn Insurance was still the most profitable non-life underwriter in Ireland in 2008

The Insurance Statistical Review for 2008 published by IFSRA, the Irish insurance regulator, shows that the market’s motor reserves fell by €187.6mn ($276.3mn) during the year while paid claims increased by 16.7% to €1.3bn ($1.9bn).