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News

QUINN-direct Insurance - CONTINUED GROWTH IN 2006

QUINN-direct - Ireland's No. 3 insurer after just 10 years.
26 July 2006

	2006 6 months	2005 6 months	2005 Full Year
Premium Income	€386m	€316m	€621m
Underwriting Profit	€88m	€65m	€119m
Investment Gains	€35m	€24m	€113m
Pre-Tax Profit	€123m	€89m	€232m

QUINN-direct Insurance today announces that it made a Pre-Tax Profit of €123m in the six-month period to the end of June 2006, an increase of 38% over the first half of 2005. Written premium increased by 22% to €386m over the same period and the customer base has now grown to 420,000.

Premium income has continued to increase in Ireland resulting in further gains in market share in 2006. Our UK business continues to develop very positively and we are excited about the opportunity we have for further growth in that market.

We are particularly pleased with our underwriting performance, as underwriting margins remain strong despite continuing price reductions in Ireland and our expansion into the UK market. Our prudent approach to calculating claims reserves in prior years has resulted in write backs for 2006 as the payment pattern on older claims is more favourable that anticipated.

The General Manager of QUINN-direct; Colin Morgan said:

“We are very pleased with the performance of the business so far in 2006. Despite the competitiveness of the insurance market we have continued to increase market share in Ireland and the UK. Becoming the third largest Insurer in Ireland is a tremendous tribute to our staff who have worked exceptionally hard in what has been a very fast moving environment.
We believe that our efficient operations, pro-active claims management, and an understanding of our customers’ needs will allow us to remain competitive and continue to grow our market share.

Whilst announcing our 2005 results we drew attention to the fact that the three largest insurance brokers in Ireland (Marsh, Coyle Hamilton Willis and AON) did not offer our products. However we are very encouraged by the fact that many of their clients have now approached QUINN-direct either directly or through a supportive broker.

We have and continue to support the various government initiatives to control claims costs, and believe a number of these initiatives have had a very positive effect on the claims environment. However we feel, based on our statistics, that the Personal Injuries Assessment Board (PIAB) has had a limited impact. Of all the claims notified to QUINN-direct since July 2004 that were finalised by either PIAB or the normal legal process, 68 have been settled by PIAB whilst 1142 were settled through the normal legal process.

As we look forward to the remainder of 2006 and beyond we remain very confident that the dedication of our staff, the robustness of our business model and the strength of our capital base will allow us to continue to grow in all the markets that we operate.”

For further information, please contact:
Brian Bell, WHPR
Tel: (01) 669 0030

FAQs

• Can I pay by instalments?
  Yes, QUINN-direct offer flexible payment options including monthly direct debt payment
  Do I need a full licence?
  No. At QUINN-direct we provide cover for provisional licence holders as well as full licence holder
  What type of cover is available?
  We provide third party fire & theft cover and comprehensive cover for motor insurance
  What is a policy excess?
  The first amount of any claim you must pay. We pay the balance
  Can I buy online without a credit card?
  Yes, you can choose to pay via a debit card, laser card, cash or cheque.