Insurers told to explain price hikes

The head of the Injuries Board has called on insurance companies to explain double-digit increases in premiums in the wake of figures which show that the number of personal injury claims litigated in court fell last year.

Interim chief executive Maurice Priestly also urged the insurance industry to show greater transparency in the conduct of their business.

“Our data on claim volumes and the cost of processing claims is at odds with the scale of premium increases taking place in the market,” he said yesterday.