Alliance for Insurance Reform

Resources for Journalists

Resources for Journalists2024-04-30T14:16:36+00:00

resources for journalists

Links to facts, stats & press releases for
journalists

The Alliance for Insurance Reform brings together 45 civic and business organisations from across Ireland, representing over 55,000 members, 700,000 employees, 614,000 volunteers and 374,000 students in highlighting the negative impact of persistently high premiums and calling for real reforms that will quickly reduce liability and motor insurance premiums to affordable levels and keep them that way.

Key Reports2024-04-19T09:50:06+00:00

Key Reports from the Central Bank and the Injuries Resolution Board are available here.

Useful Statistics2024-04-23T12:37:38+00:00

Central Bank NCID statistics from its 2022 Liability Report (published April 2024):

  • Insurance company profit margins grow by 55% in 12 months, from 9% in 2021 to 14% in 2022.
  • Insurance premiums for liability cover increased by 8% in 2022.
  • The total cost of settlements continues to drop and is now down 14% or €43 million on 2019 settlement levels.
  • Legal costs increased overall compensation costs by 60%.
  •  Operating profit on public liability premiums was 15% in 2021 and 2022 – a sector that urgently needs new market entrants and greater competition.

Injuries Resolution Board statistics from its 2022 Annual Report (published December 2023):

  • Amount saved in 2022 in avoided costs due to claims not going through litigation €40 million
  • Reduction in average value of General Damages (Damages for Pain and Suffering) 41%
  • Reduction in total value of awards since 2019 – €134 million 
  • 2022 claims volumes down 41% since 2019

Link to February 2024 survey of 690 Alliance member organisations evidencing the lack of positive impact of insurance reforms on their businesses.

Insurance Reforms Still Need to Deliver2024-04-19T10:26:36+00:00
  1. Reduced Premiums

Reduced premiums for public, employer and motor liability policy holders that is meaningful and sustained; reflecting the considerable savings generated by insurance reform in recent years.

  1. Competition

Increased competition across all sectors, with particular emphasis on public liability cover

iii. Sectors That Cannot Get Cover

Urgent delivery of an effective Governmental and market response addressing sectors and organisations that cannot get cover.

Press Release2024-04-22T12:42:34+00:00

All of our most current Press Releases can be found here.

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