Car insurance premiums rose by 2% last year as claims hit record high

The total cost to settle claims during 2023 came to €693m, the highest the series has ever recorded and nearly 40% higher than in 2022

Despite the cost of settling car insurance claims surging to record highs in 2023, insurance companies saw profits increase by 8% to €105m as premiums also increased, a new report from the Central Bank shows.

In the sixth annual Private Motor Insurance Report of the National Claims Information Database, the Central Bank said there were approximately 2.28m motor insurance policies written last year costing a combined €1.29bn.