Emmet Oliver : Job losses were inevitable whoever was in charge
Published 30/04/2010 | 05:00
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.