NCID report reveals a 7% drop in motor premiums

Brian Hanley of Alliance for Insurance Reform expresses the need for shared benefits in the wake of ongoing reforms within the insurance sector

The Alliance for Insurance Reform welcomed the 7% reduction in motor premiums (Photo by rdne stock project via Pexels)

There has been a 7% reduction in motor premiums in 2022, according to the Central Bank’s 2022 NCID report on private motor insurance.

Brian Hanley, chief executive officer, Alliance for Insurance Reform, said: “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 policyholders.

“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.”

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