The cost of motor insurance in Ireland is still “very good value” despite rising premiums, Insurance Ireland has claimed.
Last year, €141m in claims was paid out by the Personal Injuries Assessment Board (PIAB) – the lowest figure in 16 years.
Despite this, motor premiums have risen by 0.8% - with the Consumers’ Association of Ireland accusing the insurance industry of “gouging” its customers.
On Breakfast Business, Insurance Ireland CEO Moyagh Murdock insisted the rise is a “very small increase”.
“Over the last five, six years, we’ve seen a 40% decrease in motor premiums,” she told
“We’re now at the lowest level for many, many years.
“The average premium in Ireland is €575; our near neighbours, including my family members up North, they’re paying actually €1,100 on average.
“The UK has seen a 29% increase in motor premiums.”
Ms Murdock said insurance reforms have “cushioned the Irish policyholder” from more significant price rises but the industry has still been impacted by inflation.
“Compared to the UK, Irish policy holders are getting really good value out there still,” she said.
“There are supply chain problems in motor parts and repairs and labour costs, so thankfully we’ve been able to cushion against that.”
Cancer survivors
Insurers have also changed rules governing mortgage protection insurance and cancer survivors.
Previously, many survivors were given extremely expensive quotes but in April the industry agreed this would change.
“The prognosis for cancer survivors has improved significantly and the industry really did want to move along and update their own practices as well,” Ms Murdock said.
“We’ve worked with the Irish Cancer Society as well and they’ve been very vocal about this.
“So, we’re delighted to say it today we have now implemented the new code of practice, which gives cancer survivors the right to be forgotten and be treated as favourably as very body else.”
Life Insurers in Ireland have listened to cancer survivors who complained to @NewstalkFM and @businessposthq that they were being denied mortgage protection cover. A new code of practice is on its way. https://t.co/311LuAM9eI#journalismWorks @IrishCancerSoc
— Joe Lynam (@JoeBLynam) April 3, 2023
The policy change took effect this week but some firms implemented it in advance and Ms Murdock said some customers have already benefited.
“For example, [there was] a 49-year-old woman looking for a €430,000 mortgage for a 19 year term,” she said.
“She’s a cancer survivor and previously would have been quoted €78 a month, [she’s] now getting it for €53 per month.
“That’s a saving of €25 a month, adding up over the lifetime of the [mortgage] to €5,000.”
Every year, an estimated 44,000 people in Ireland are disgnosed with cancer.
Main image: Traffic on the motorway.
