Brokers warn motor insurance to soar by 15%

Motor insurance costs are likely to soar by up to 15% in the coming year — on top of the near 27% hikes over the past year, the country’s largest brokers’ group said yesterday.

Brian McNelis, director of general insurances at the Irish Brokers’ Association —which represents 450 big and small brokers selling insurance across the country —also warned about the inevitability of even more car insurance premium hikes until loss-making insurance underwriters start making money again on their Irish business.

“Premiums are definitely going to increase in the local market. It will be (a rise of) 10% to 15% coming down the line, on average. By next autumn prices will be up to 15% higher on average,” Mr McNelis told the Irish Examiner.