Insurance group rejects overcharging claims

The Insurance Federation of Ireland has rejected claims that large profits are being made at the expense of young drivers under 25 years who are seeking insurance.

Speaking ahead of the publication of a report into the matter by the Motor Insurance Advisory Board, Federation chief executive Mike Kemp said such allegations are based on incomplete and inaccurate statistics.

He said the Federation was awaiting research it had commissioned through actuarial consultants along with the full report from the MIAB before making further comment.

However, he insisted that while premiums are high, they are fully justified by the costs insurers have to meet.