Motor insurance premiums have seen an increase of more than 8% over the past year, driven by a significant rise in claims and repair costs. In the first half of last year, the cost of settling claims rose by 23% compared to the previous six months. Despite this, the cost of settling injury claims has decreased by 16% compared to pre-Covid levels. The Alliance for Insurance Reform opposes proposed increases in personal injury award guidelines due to the rising costs of claims.
Drivers have seen motor insurance premiums rise for more than a year-and-a-half, with premiums up by more than 8pc in the year to May alone.
The cost of settling claims was 23pc higher in the first half of last year when compared with the previous six months.
The cost of settling motor claims went up 23pc in just six months - now is not the time to increase these costs further.
The average award paid by the Injuries Board and one that is litigated both come in at €24,000.
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