Consumers can expect insurance premiums to continue increasing, according to the president of the Irish Insurance Federation (IFI).
However, IFI President Mr Ian Stuart said the rate of increase should slow.
The IFI's annual "factfile" released today shows life and pensions business was down almost 6 per cent to nearly €7.2 billion, with non-life premiums increasing by almost 20 per cent to over €3.2 billion. Overall, earnings increased by less than 1 per cent.
Mr Stuart said the growth was due to increased demand for cover and significant rate rises.
Despite recording a loss of €17 million on motor insurance, Mr Stuart said rate increases in the future would not be as high those recently experienced by customers.
Mr Stuart said the rating action of 2000 and 2001 had reduced the unacceptable level of underwriting losses on motor insurance. Therefore, rate increases in the future may be lower, he said.
"However, in the light of the failure of the liability market to produce returns on capital acceptable to shareholders over a number of years, there have also been significant increases in the cost of employer's and public liability insurance, which will continue until profitability is restored," Mr Stuart said.
The "factfile" shows premium income for the industry has increased in real terms by an average of 15.4 per cent per annum over the past five years. It also showed income over the same period almost doubled from €5,117 million to €10,396 million.
The report also said insurance premiums per capita in Ireland are 40 per cent higher than the EU average, more than double that paid in the United States and over six times more than the global average. Irish people spent an average of €2,571 on insurance in 2000, the report said.