Insurance sector exposed: Stop runaway gravy train

Yesterday’s Central Bank report showing the cost of motor insurance claims fell 2.5% between 2009 and 2018 but premiums rose 42% holes the insurance sector’s guff below the water line. The claim that car insurance costs have risen because of spiralling payouts and claims is simply untrue.

The bank reported that the disconnect between fees and claims was even more pronounced over the last five years. The average cost of claims per policy rose 14% between 2013 and 2018 but average premiums rose over four times faster, by a smash-and-grab 62%.