Motor insurance premiums fell by seven per cent last year
Motor insurance premiums fell by seven per cent last year in the last full year before the introduction of new personal injury guidelines, according to new figures.
The Central Bank’s third National Claims Information Database (NCID) report on private motor insurance reveals that the average earned premium has decreased by 16 per cent since the fourth quarter of 2017.
The decrease in 2020 was partly influenced by Covid-19 premium rebates, with insurers issuing €42.5 million in rebates, equating to around three per cent of gross earned premium last year.
Seán Fleming, the minister of state with special responsibility for financial services, credit unions and insurance, said the NCID “remains the best tool to holding both insurers and the legal profession to account for their respective contribution in influencing the cost and availability of insurance”.
He added: “The new Judicial Council personal injuries guidelines enacted in 2021 are a significant development in terms of settling claims and in future reports the Bank will look to begin assessing their impact.”