Insurance Ireland: Premiums are going up because the cost of claims are increasing

Insurance Ireland is calling for new measures to be introduced to stabilise pricing for consumers, particularly in the area of motor insurance.

The group says the excessive cost of claims in Ireland is leading to increases in motor premiums.

It has identified the high cost of awards in court as one of the key factors driving up the cost of insurance premiums.

Non-Life Insurance manager with Insurance Ireland, Michael Horan, outlined some of the reasons behind the hike in premiums.

He said: "Premiums are going up because the cost of claims are increasing, we are seeing more claims, more motor claims and the claims are costing more.

"We are also seeing a very high levels of court awards, the average High Court award was up 34% on 2013 and the average Circuit Court award was up 14% last year on 2013. That's a problem.

"We are calling for reforms to the personal injury claims system."

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