Insurance premiums up by over 40 per cent

Insurance companies are being accused of "ripping off" motorists with policy prices.

A new Central Bank report finds premiums went up by 42 per cent between 2009 and 2018, but the cost of claims per policy reduced by 2.5 per cent. It also shows average legal costs for claims settled through litigation were over €23,000. The Alliance for Insurance Reform says insurance firms and lawyers are being "enriched" at the expense of struggling motorists.