While many Irish insurers believe the worst of the recession is over, most are finding it difficult to secure new business, according to a survey.
The research, published by Friends First in association with Millward Brown Lansdowne, found more than half of insurance businesses in the State believe the recession was over.
Nevertheless, some 94 per cent of respondents said it was difficult for businesses to get finance from the banks.
Some 87 per cent also said the public did not have the confidence to spend money in the current climate.
The survey, which sampled 100 brokers on their attitudes to the sector and the economy as a whole, found the recession was having a significant impact on pension and saving patterns.
Brokers reported that half their clients were reducing contributions to pension and investment products, primarily as a result of reduced income.
Along with job security, the value of respondent's homes was reported as a key concern for 46 per cent of insurance customers, due to the increased prevalence of negative equity.
The research also revealed long-term mortgage debt is now a bigger problem for people than short-term credit card debt.
Eamonn Twomey of Friends First said: “While there are some signs that a recovery is underway, it is clear that consumers are finding it very difficult to save for their futures.
“While consumers are trying to repair their personal balance sheets many are finding it difficult to do so in the face of reduced salaries.
"Against this back drop financial planning for the future is difficult and this does present an opportunity for independent brokers,” he said.
