Average motor insurance premium down by 7% to €568 last year

The figures were keenly anticipated and come after the implementation of new guidelines for personal injury claims which had long campaigned for by business groups. 

The Central Bank report also showed that 91% of motor policies had comprehensive cover, up significantly from 84% in 2019. 

Business campaigners have welcomed a Central Bank report confirming a sharp drop in motor insurance premiums, but said they will continue to press their case for significant reductions in business and public liability insurance. 

The Central Bank's latest Private Motor Insurance Report showed the average cost of motor insurance fell by 7% to €568 in 2022 from the previous year, even though claims had rebounded to pre-pandemic levels, while the insurers generated total premiums of €1.3bn.