Reduced Claims Bonus

at

Data from the National Claims Information Database

This morning/afternoon.

Via The Irish Times:

The cost of motor insurance claims fell 2.5 per cent between 2009 and 2018 but premiums rose 42 per cent, according to a Central Bank report …

The first comprehensive study of premiums and cost claims in Ireland appears to cast doubt on industry claims that the higher cost of car insurance is the result of spiralling payouts and increased claims, resulting in low profitability.

It found that the average cost of claims per policy fell from by 2.5 per cent from €437 in 2009 to €426 in 2018 while average premiums jumped by 42 per cent from €498 to €706.

The report, based on data from the National Claims Information Database, also revealed the industry here generated an operating profit of 9 per cent. The average level of profitability in the UK is 5 per cent.

Full report here

Motor insurance premiums up 42% even though claims fall, Central Bank report finds (Irish Times)

11 thoughts on “Reduced Claims Bonus

    1. GiggidyGoo

      Cue the spokesman for one thing only, Michael Darcy. Oh wait – he can’t do anything.
      Gouging is the word for this.
      And why can’t we source insurance elsewhere in the EU?

      1. paul

        I’ve heard it’s because of Irish judges, they are more likely to award payouts and larger payouts than EU judges. We are (largely) a toxic people to EU insurance companies.

  1. Increasing Displacement

    The idea of fault

    The most idiotic evil thing sold to consumers by the insurance industry

    A bunch of thieves is all they are

  2. Cian

    Numbers don’t make sense.

    If average cost of injury claim increase by 54% and average damage claim increased by 2%…
    then how does the average cost of a claim increase by 64%???

    The average of two things will be somewhere between the separate averages of the two. (so the total average has to be somewhere between 2% and 54%)

    The number here are wrong OR there is information missing.

Comments are closed.