Car insurance cuts urged as profits soar to €183m

CONSUMER groups have called for an immediate reduction in the cost of car insurance after the Irish Insurance Federation (IIF) posted record profits last year.

Figures released by the IIF show the industry made €183 million in 2002, while insurance premiums increased by up to 50% in some instances.

The IIF blamed the high cost of insurance on the massive levels of compensation claims, which cost €6.5 billion in the past five years.