Update: CEO of the Irish Brokers Association Ciaran Phelan said the AIB cut was welcome, but still very high by European standards.

Chief executives of the two bodies representing 90% of the country’s insurance brokers have said plans by the Central Bank to hike levies on intermediaries by 45% are “unacceptable”.

Drivers are set to face even higher premiums in the coming months as insurance sector bodies continue to quibble over the cause of the increases. Figures from the CSO last week showed premiums have ballooned by 24.4% in the past year.

Motorists are facing yet another hike in insurance premiums to cover the cost of the €90m in outstanding claims left following last year’s collapse of Setanta Insurance Company.

The number of owner-occupiers sliding deeper into arrears who now find themselves two years or more behind on their repayments has increased for the 11th consecutive quarter.

The retreat by Liberty Insurance from the British market with the loss of hundreds of jobs here — is another sign of the troubled times facing the Irish insurance industry, experts have said. The company is one of the big six players in the Irish market.

A leading consumer watchdog has slammed plans by insurance companies to impose more hikes to premiums this year, claiming the industry and regulators are effectively “softening up” the public to meekly accept increases at a time when most other costs are tumbling across the economy.

Groups working with distressed mortgage holders have welcomed “belated” attempts by the Government to address the mortgage arrears crisis but criticised the lack of detail available so far.

AIB will look at reducing its variable interest rate for mortgage customers in June, its chief executive has said.

The plight of variable rate mortgage holders being left out in the cold by the banks is falling between a number of agencies — none of which are taking responsibility for the situation.

Bank of Ireland yesterday came under fire for ignoring existing variable-rate mortgage customers as it unveiled interest-rate reductions across other mortgage products.

Home insurance flood claims increased by up to 80% in the first three months of this year compared with the corresponding period in 2013 and the same could happen in the New Year, experts warn.

The finance minister has been asked to lobby at EU level to close loopholes which allowed Setanta to leave 75,000 insurance customers without cover when it went bust.

Up to 75,000 people will have their car and van insurance cover cancelled in the next three weeks — even though they had paid premiums to Setanta Insurance.

The Irish Brokers Association is calling for a complete overhaul of insurance regulation after the liquidation of Setanta Insurance left 75,000 people uninsured.

Up to 75,000 people have seen their insurance cover expire and lost their premiums as their provider, Setanta Insurance, has gone into liquidation in Malta.

Almost three quarters of householders whose mortgages are more than 90 days in arrears have not had them restructured, the Department of Finance has confirmed.

Insurance premiums could rise if flooding set to hit parts of Munster and Leinster this weekend leads to a rise in claims.

Motor insurance premiums will soar by 30% if the Government pushes ahead with increasing award limits of district and circuit courts, according to the Irish Brokers Association (IBA).

Nearly 4,000 people rushed to draw down mortgages in the final three months of last year to take advantage of the Government’s mortgage interest relief.

State-controlled AIB plans to do €2bn in mortgage lending this year, which is double the €1bn target the bank had last year.

More than a third of people have no mortgage debt attached to their home.

Over a thousand Irish insurance brokers are set to descend on the Dublin convention centre for a meet and greet with Lloyds underwriters.

ENDA Kenny’s presidential address to the Fine Gael conference included the obligatory sentence: “Ireland will not default on its debts”.

Homeowners with tracker mortgages should not switch to standard variable rates unless they secure a 25% writedown on their loans.

House prices have continued to fall amid warnings that it could be a decade or more before prices recover.

The mortgage crisis has reached record proportions, with one in seven homeowners now unable to meet their repayments and over 100,000 homes at risk.

Hundreds of thousands of people struggling to pay their mortgage have been advised to seek help rather than face a debt mountain alone.

MORTGAGE-holders may be in line for significant reductions on their monthly repayments with an interest rate cut predicted this week.

MORTGAGE lending has fallen by more than 50% in the last year but edged up slightly in the last few months.

WOMEN need up to 20% more than men in their retirement pension pots, but significantly fewer females have a nest-egg compared with males.

CONSUMERS face a further hike in insurance costs on a day when data reveals Ireland is still one of the most expensive countries in Europe.

ALMOST 80% of Irish consumers who switched a product or service provider in the past year have saved money, a study reveals.

HOMEOWNERS are likely to hear some welcome news today with the European Central Bank (ECB) tipped to indicate it will put a halt to more interest rate hikes for now.

HOMEOWNERS looking to renew their home insurance should brace themselves for rises in premiums of up to 15% by the end of the year, the Irish Brokers Association warned yesterday.

Experts are warning that home insurance is likely to rise by 10-15% in the next 12 months.

THE number of homeowners looking for help from their bank has doubled in the last few months.

IT could be 2014 before the European Central Bank (ECB) raises rates again, according to an Irish Examiner survey.

THE number of mortgage holders falling into arrears is set to increase further, says international credit rating agency, Fitch.

INTEREST rates could rise again before the year is out, following indications from the European Central Bank (ECB).

MORE than four out of five homeowners will be exposed to the prospect of rising mortgage costs today as interest rates are expected to rise.

THE Government has been warned against making its planned 21% cut on income tax relief on pension contributions, for fear of totally alienating private sector workers.