Motor insurance premiums went up by 31% last year, according to new figures from the Central Statistics Office.
The findings show motor insurance jumped by up to a third in the 12 months leading to December.
Minister for Finance Michael Noonan has said the Department of Finance is to determine the reason for the rise in a review of insurance premiums.
Fianna Fáil's Finance spokesperson Michael McGrath called on the Mr Noonan to bring back the Motor Insurance Advisory Board.
However, the Finance Minister said he would not be reinstating the board, but he would explore other options once the Department finishes its review, which he said should be completed within months.