Car insurance premiums were up 9% during first half of 2024 

Since the second half of 2022, the average premium has increased by 12%, new report shows

Between January and June last year, the average written motor insurance premium cost €616 compared to the €567 recorded throughout 2023.

The average motor insurance premium increased by 9% during the first half of 2024 compared to the previous year, with insurance companies seeing a significant increase in total premiums paid, a new report by the Central Bank of Ireland shows.

During the first six months of 2024, there were more than 1.18 million policies written, with the gross cost of those premiums valued at €729m. During the same period in 2023, there were over 1.16 million policies written, with a combined gross value of €655m.