Insurance companies have once again been accused of giving motorist a raw deal as more details emerge from a report from the Central Bank which shows that they collectively made profits of €142m last year, up from €130m the previous year. The statistics also show that the average motor premium is now €653 which is a rise 35% over the past decade, despite the cost of claims per policy falling by 9%.

Legal costs and brokers fees account for a huge proportion of the premiums paid, while insurance companies themselves also continue to retain income and fail to pass on the benefits of cost reduction to consumers.
 
Peter Boland of the Alliance for Insurance Reform is leading calls for an immediate premium reduction. He commented, "The report lays bare the scale of the greed that has driven the current insurance crisis, enriching insurance companies, brokers and lawyers at the expense of Irish motorists struggling to make ends meet. There is a clear case from this data for immediate reductions in motor insurance premiums to sustainable levels and an urgent acceleration in the real reform programme promised by the Cabinet Committee Sub-Group on insurance reform."