Costs to settle car insurance claims hits record

The average written premium — the amount of money the policy-holder has to pay — stood at €561 during the first half of 2023

The cost of damage related claims increased by 126% compared to the pre-covid average. 

The cost to settle motor insurance claims across the entire sector reached a high of €358m during the first half of 2023 driven by a 126% increase in damage-related claims, new data from the Central Bank of Ireland shows.

According to the bank’s latest insurance reports, the first six months of last year had the “largest number of settled claims and total settled cost of any half-year period in the time series” which dates back to the start of 2015.