Consumers to be hit with double-digit insurance hikes

Hard-pressed consumers already struggling with a myriad of bills are to be hit with hikes of up to 12% in the cost of their insurance as premiums continue to spiral even higher.

Rising claims costs and a slowdown in the number of settlements are putting the squeeze on insurers which is being passed on in the form of ever-higher premiums.

The chief executive of FBD — the only Irish-owned insurer in the market — confirmed that its customers were going to have to fork out more for cover and warned that similar increases are coming down the tracks for everyone else.