Profits at motor insurers rose to record €176m in 2021

Operating profits in 2021 climbed to €176m, up €5m on the previous year, new data from the Central Bank shows.

Overall, the Central Bank finds the average earned premium last year was down 17% from its peak in the last three months of 2017.Insurance Ireland said that when combined with CSO data, which shows motor insurance premiums fell 10% over the first nine months of this year, it means there has been a reduction of 27% in the last five years.

She added that insurers remain committed to passing the savings derived from reforms on to customers. The average compensation paid out was 34% lower than it was for claims that were settled using the old Book of Quantum that replaced the guidelines. The report finds just over a third of those with injury claims last year settled directly with an insurer, before going to PIAB.Just over a third settled through a litigation process, but before the court made an award.A mere 2% settled as a part of a court award.

"Claimants received roughly the same level of award whether opting for litigation or PIAB," Ms Murdock said.

Price gougers.

Of course they got a record, have you seen the prices they charge?

And they hiked prices

Ireland's car insurance is most expensive in Europe. Sure more profits for these gangsters.

Fianna Fáil stymie every attempt to curb the greed of the Insurance Companies

I'm sure they'll pass those profits onto motorists!!!🤪

They're getting away with murder because they're allowed to!...Latest quote to add my son onto my car insurance 3,200e ....scandalous!!!

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