The Irish general insurance market has faced a tough few years as the economy has fought back from the brink of meltdown in the wake of the global financial crisis. In the five years to the end of 2012, gross earned premiums contracted by almost 30%, with most major classes returning substantial losses.
During that time the casualty list of insurers in crisis has grown, headed by Quinn Insurance, which went into administration in 2010. RSA also discovered £200m of losses in its Irish business had been covered up late last year, and the bad news kept coming over the Easter weekend - the already ailing Setanta Insurance finally collapsed, leaving 75,000 car and van drivers without cover.
While the Irish insurance market has endured a troubled period since the economic downturn, a number of recent developments suggest better times are on the horizon. Post's article investigates.