Motor coverage premiums fell by 21 per cent between their high point in 2018 and the middle of last year, according to a Central Bank report drawing on figures from its national claims information database.
Settled damage costs rose 70 per cent on the year to €188 million for the first half of 2023, driven by rising costs for spare parts and labour amid the spectre of inflation across the wider economy. Injury costs rose 39 per cent to €171 million over the period. “In motor, the guidelines have reduced average claims costs in the direct and settlement channels, but have not yet had a measurable impact on claims in the litigated channel,” said Hazel Rock, head of insurance services at Brokers Ireland.
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