Competition to cut premia long overdue

AT a time when soaring insurance costs are slamming motorists, homeowners, employers, community groups and local authorities, it is refreshing to hear an Irish-based company talking about reducing premia.

Beleaguered car owners will applaud the FBD insurance group’s suggestion that if current trends continue, it would be realistic to hope for reductions in premia in the short to medium term.

This is out of character in an industry where premia only seem to go up. Hopefully, it will apply pressure to other companies which have been putting their hands in people’s pockets for decades.