Tougher action on insurance payouts to cut car premiums

Urgent action is needed to tackle spiralling car insurance costs, as the cost of insuring a car has already increased by one-third in the last year.

The call comes after Central Statistics Office (CSO) figures revealed that premiums were up 3.9% in March alone — which means car insurance is almost 33% higher than a year ago.

The insurance sector has said higher levels of claims, more people going to court to seek compensation, and low levels of reserves in the industry are to blame for the hike in premiums.