Latest figures from the Central Statistics Office show that while inflation is easing in many sectors, car insurance premiums continue to rise at an alarming rate. 

In the year to October car insurance has seen an 11% average price increase with premiums increasing every month for 14 consecutive months. 

The new stats also show that overall Ireland has some of the very highest prices in Europe for goods and services, with most 20-25% higher than pre pandemic levels. 

The CSO figures also show that insurance costs are also rising much faster than inflation in other sectors with home insurance up 7.6% on last year and health insurance up 10.4%. 

Insurers argue that increased accident rates and the higher cost of repairs are contributing to the rise in premiums. However, while both factors may be true, it is still a fact that the actual cost of repairs accounts for a relatively small percentage of the cost of a premium and it is personal claims, claims management charges, administration and large profit margins that are the true drivers of high premiums.