Quinn Insurance has announced operating losses of €127 million for 2009, including a €41 million loss related to Irish business. The company, which has a 20% share of the Irish motor insurance market, has now warned that motor premiums are likely to rise by at least 10% by year-end.

    However, Quinn, which is currently operated by administrators, has reported that so far in 2010, its business is profitable on a monthly basis and that it is “not losing customers”. It is also thought that the process of finding new owners for the business has taken a significant step forward, with the company now looking a much healthier prospect for buyers.
    Meanwhile, according to the Financial Regulator’s annual Insurance Statistical Review, insurance companies in Ireland made combined losses of €124 million last year, compared with profits of almost €122 million in 2008. Difficult trading conditions compounded by flood claims were largely to blame for these major losses.