It has emerged that premium rates have started to increase once again, despite a drop in claims.
The €141 million in claims awarded by the Personal Injuries Assessment Board (PIAB) last year was the lowest figure in 16 years. The PIAB stated that insurance premiums should fall as a result.
Insurance companies have now been criticised for not passing on substantial savings to consumers and businesses, with the Consumers’ Association of Ireland accusing them of “gouging” its customers and claimed it was profiteering.
Inflation figures for October 2023 show motor premiums increased by 0.8 per cent when compared with the same period last year. However, this is opposite of the situation over the past number of years when motor premiums were falling.
The average value of an injury compensation award has dropped by 35 per cent compared with 2020, according to report issued by the PIAB.