Motorists to be informed why their insurance premiums change

An annual database on motor insurance trends will be published by the Central Bank starting from next year.

The decision was taken by Cabinet yesterday and will see motorists informed why premiums go up or down. Consumer advocates and opposition TDs have been outraged over the sky-high rates being charged by insurance companies in recent years.

The European Commission last year even carried out raids on motor insurance companies in a bid to check if they were engaging in anti-competitive practices.