Big payouts to blame for high car insurance costs, say insurers

Insurers are blaming big compensation payouts for high car insurance costs.

An Oireachtas Committee will grill Insurance Ireland today to find out why prices are still so steep.

There has been a 12% reduction in the last 12 months, but industry bosses say premiums will not come down further until courts stop awarding huge sums to claimants.

Prices still have a long way to fall after a 70% increase in recent years.

CEO of Insurance Ireland Kevin Thompson says fake claims are also part of the problem.

"This is not a victimless crime.

When people take these cases it does drive up the cost of insurance.

"Equally, if people perjure themselves on a stand in front of a judge there should be consequences for that action."

More in this Section

DUP's Sammy Wilson accuses Taoiseach of ‘despicable’ bid to scaremonger over Brexit

Agreement reached over aspects of €5m legal costs associated with Lissadell rights of way case

Girl injured following fall when 'tram surfing' settles personal injury claim for €550,000

Programme of events planned to help Belfast recover from Primark fire

Breaking Stories

As Karlie Kloss marries Joshua Kushner, here are 8 of her biggest fashion moments

This clever new app can help new parents decide if their baby needs to see a doctor

‘Acne won’t stop me living my life’ – Millie Mackintosh on how she got her skin under control

'Jesus, did I paint them?’; Robert Ballagh reacts to the nude portraits to him and his wife

More From The Irish Examiner