Insurance chiefs living in luxury as premiums keep rising for motorists
IRELAND’s wealthy insurance firm bosses are blaming soaring motor insurance costs on bogus compo claims and huge financial losses, while pocketing six-figure salaries.
Chief executives of the biggest insurance firms are claiming a rise in compensation pay-outs are the cause of the 50 per cent jump in premiums.
However, hard-up motorists who have been shocked at overnight hikes will be stunned to see the lap of luxury some of the fat cat executives enjoy.
The boss of FBD insurance, Fiona Muldoon, is on a salary of €449,000 and lives in one of Dublin’s most exclusive streets, where houses can go for €2.2m.
The former central banker bought the impressive house with her partner Stephen Egan, who also has a background in banking, in 2012.
She recently blamed the level of pay-outs for the rise in premiums, saying the system needs reform so they can “stop paying out at higher levels than in other markets”.
Sean McGrath, CEO of Allianz, is registered as a director at a luxury mansion with a stunning panoramic view of the Wicklow Mountains.
Sean McGrath's house (House valued at approx €825k / Salary Undisclosed )
Like his other fellow insurance bosses, he too has been talking up how premiums are expected to continue to rise during 2016. He also pointed the finger at the legal system and the “volatility” of judges when it comes to making awards to claimants.
The salary package of another insurance boss, Philip Smith, who went to court over his departure from RSA Insurance, was revealed as being worth €635,000 a year.
His job at RSA Insurance is now being filled by Ken Norgrove, who also plays an active role in the industry’s representative body Insurance Ireland.
Ken Norgrove's home (House valued at approx €1.2m / Salary Undisclosed )
His directorship at RSA is registered to an apartment in an upmarket complex in south County Dublin that changed hands for €1.2 million in 2014, according to the property price register.
The Competition and Consumer Protection Commission announced this week they are probing public comments made by insurance bosses on how much they thought premiums are set to rise.