• Sata-logo-banner.png

    Supplier of high quality spray equipment and air accessories

  • shaftec_logo_2018_220x50.jpg

    Offering a wide range of new and remanufactured transmission, steering and

  • OESAA-logo-banner.jpg

    Original equipment parts suppliers dedicated to the promotion of OE brands in

  • Blue-Print-logo-banner.jpg

    Leader in the supply of a huge range of parts for Asian and American vehicles

  • Brembo_logo_2018_220x50.png

    A prestige supplier of high performance braking components.

  • Mirka_logo_banner.jpg

    Supplier of abrasives and equipment for automotive refinish

  • AD_J&S_Logo_2019_220x50.jpg

    Long-established premier vehicle component distributor

  • Serfac-logo-banner.jpg

    Leading Irish automotive components distributor and part of Temot International

  • FAG-logo-banner.jpg

    Manufacturer and innovator in the supply of OE and aftermarket bearing

  • Meyle-logo-banner.jpg

    German parts manufacturer with an emphasis on quality and innovation

  • Febi-logo-banner.jpg

    Leading aftermarket brand of components for cars and commercial vehicles

  • COMLINE_Auto_Parts_Banner_Logo.jpg

    A fast growing full range aftermarket component supplier

  • 65646Sealey-logo-banner.jpg

    A major international supplier of a huge range of garage and workshop equipment

  • Liqui-Moly-small-banner-logo.jpg

    German manufacturer of oils, additives and car care products

  • 94825ZF_logo_2018_220x50.png

    A high respected OE supplier with many leading aftermarket brands

  • Strongline-logo-banner.jpg

    Long established wholesale distributors of leading brand automotive components

  • Induction-Innovations-Logo_banner_copy.jpg

    A leading supplier of induction heating equipment for safe and reliable garage

  • mannol_logo_2017_strip_banner.png

    MANNOL suppliers of vehicle specific lubricants, additives and SCT components

  • logo-caroliner_logo_banner.jpg

    Car-O-Liner is an innovator and respected supplier in the field of body repair

  • Revive-logo_banner_new.jpg

    A simple and effective turbo cleaning solution that restores power and reduces

  • INA-logo-banner.jpg

    OE and aftermarket supplier of bearing technology and other automotive

  • Ring_logo_banner.jpg

    Leading global supplier of vehicle lighting, auto electrical and accessory

  • GKN_Automotive_Logo_2020_220x50.jpg

    Leading original equipment and aftermarket supplier of driveline products

  • Somora-logo-banner.jpg

    Importer and wholesale distributor of automotive panels, parts and lighting

  • Bosch_Logo_2018_50x220.png

    Leading OE and aftermarket supplier of components, equipment and services

  • LUK-logo-banner.jpg

    German OE and aftermarket supplier of clutch and transmission components

  • rnh-logo-banner.jpg

    Specialist software provide to the motor trade and Irish agents for MAM

  • OTTO-logo-banner.jpg

    Irish distributor of well known brands of car parts and automotive tools

  • NGK-logo-banner.jpg

    Major global manufacturer of OE and aftermarket spark plugs and ignition

Motorists paying more as insurance company profits soar

Home
The data shows that during 2013 to 2018, premiums were up 62% while claims cost were only 14% higher

The data shows that during 2013 to 2018, premiums were up 62% while claims cost were only 14% higher

Tuesday, October 13, 2020

Analysis of the Central Bank of Ireland’s National Claims Information Database (NCID) on the motor insurance market, by the Alliance for Insurance Reform, has painted a picture of soaring insurance company profits and rocketing broker commissions and legal fees, all while hard pressed motorists are asked to pay ever higher premiums.

The Sunday Business Post reported on the analysis which related to 2018, the most recent year for which figures are available. During this year, motorists paid out €1.32 billion in premiums and the split on how this money was allocated makes concerning reading.

Around 40% of premiums was paid out in compensation at some €580 million. A large proportion of this would be accounted for by personal injury claims, as well as vehicle repair and associated costs. The insurance companies reported €128.84 million in profits for the year. The figures also indicate that brokers earned €120 million in commissions and legal fees totalling €130.3 million.

The bulk of the difference is then made up of management expenses totalling €140.3 million and “reinsurance costs” at €139.79 million.

The National Claims Information Database, also shows that while insurers made healthy profits, the cost of motor premiums per policy rose by 42% between 2009 and 2018 despite a 2.5% fall in the cost of claims. The data shows that more recently during 2013 to 2018, premiums were up 62% while claims cost were only 14% higher.

Peter Boland, the director of the Alliance for Insurance Reform believes the figures clearly show that they do not support the insurance industry’s assertion, that motor premiums have to continue to increase as a result of rising claims costs. He told the Sunday Business Post, “What it clearly illustrates, is that insurers have done very well out of motor insurance in the last ten years, despite their protestations.”