Motorists face further hike to their insurance

MOTORISTS will be hit with rising insurance costs again next year despite the fact the industry took in €38 million more in premiums in 2001 than it paid out.

The Irish Insurance Federation warned of further rises when launching a report yesterday. But the industry's own report reveals motorists are being made to pay the price for staggering management costs in the insurance industry.

Despite 6,000 less claims being made last year, and premiums exceeding pay-outs by €38 million, the industry still posted operational losses of €17.1 million.