Categories: Press Releases

by Brian Hanley

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PRESS RELEASE

13th December 2023

FOR IMMEDIATE RELEASE

The Central Bank publishes fifth annual Private Motor Insurance Report of the National Claims Information Database (NCID).
The Alliance for Insurance Reform welcomes the 7% reduction in motor premiums in 2022.
Why have savings been ring fenced for motor premiums and not passed on to public or employer liability policy holders? The reforms should have benefited everybody.

Speaking about the release of the Central Bank’s 2022 NCID report on private motor insurance, CEO of the Alliance for Insurance Reform Brian Hanley welcomed the 7% reduction in motor premiums in 2022 saying, “in the context of the range of reforms to the insurance sector it is only right that at least some of the savings were passed on to policy holders.”

He continued: “As the Judicial Guidelines filter through into more cases that are being settled in the litigation channel (replacing the Book of Quantum) this should lead to further reductions notwithstanding challenges such as inflation.”

“Businesses right across the country are also left wondering why premium reductions could be passed on in the context of motor insurance but have not been forthcoming for public or employer liability policies, which remain stubbornly high. The reforms applied to and should benefit everyone.”

—ENDS—

FOR FURTHER INFORMATION CONTACT: contact@insurancereform.ie or Alliance CEO, Brian Hanley at 086 8620 974.

Notes:

  1. The Alliance for Insurance Reform brings together 46 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.