Latest: Insurers deny fall in motor insurance is down to EU 'cartel-busters'

Update - 10.19am: Insurers are denying they have dropped their prices because of a clampdown on cartels.

Car insurance policies are down by 14% - the biggest decrease since a surge in bills three years ago.

However, the CEO of Insurance Ireland Kevin Thompson denied that the investigation was responsible for reducing premiums.

He said: "Premiums are a direct function of claims and until we get stability in the claims environment and we reduce the cost of claims, then you've got a chance of altering what premiums are offered.

"There is nothing to say that an EU ongoing investigation has anything to do with premiums."

Earlier: Car insurance costs are coming down but it could be a while before motorists see an improvement in their bills.

New figures from the Central Statistics Office for August show there has been a 14% drop in prices, the most dramatic decrease since costs began rising three years ago.


More in this Section

'All I want is to see her,' says sister of pensioner Rosie Hanrahan found dead in Limerick

Gardaí find body of Limerick man missing since Tuesday

Motorist in Clare trapped in car for an hour as emergency services search for her

Celbridge on alert as lucky EuroMillions player wins €500,000


Today's Stories

Jerry McCabe’s garda son successfully appeals assault conviction

‘Electrical appliances a fire risk when you’re out of house’, says senior fireman

Defilement left vulnerable teenager ‘in a very dark place’

Minister Eoghan Murphy supports Eighth Amendment reforms

Lifestyle

Review: N.E.R.D - No One Ever Really Dies: Their finest album to date

Everyone's mad at Google - Sundar Pichai has to fix it

Scenes from the analogue city - Memories of Limerick from the late 80s and early 90s

Ask Audrey: 'I heard that Viagra fumes from Pfizer’s were causing stiffys below in Ringaskiddy'

More From The Irish Examiner