Friday 28 April 2017

Emmet Oliver : Job losses were inevitable whoever was in charge

Emmet Oliver

Some level of job shedding was inevitable at Quinn Insurance regardless of whether the firm was run by the administrators or the previous management.

Quinn Insurance is not a profitable company according to its last set of financial figures, which disclosed an annual loss of €124m in 2008, even though it wrote more than €1bn of premiums that year.

Contrary to popular wisdom, general insurance is not a licence to print money and margins are very thin, in both home insurance and motor insurance. Quinn Insurance has been struggling to turn a profit in recent years, with its investment portfolio contributing to the losses.

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