Watchdog slams insurance price hikes

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.

The warning was made as it emerged that the cost of motor insurance premiums could rise by as much as 25% this year because insurers are losing large amounts of money.

It came as Liberty Insurance announced it is set to axe 270 jobs across Ireland.