Motor-insurance premiums up 9% in H1 2024
Figures from the Central Bank show that the average motor-insurance premium rose by 9% to €616 in the first half of last year, compared with the same period a year earlier.
The Private Motor Insurance Report of the National Claims Information Database (NCID) also shows that the average cost of a damage claim rose by 20% last year.
The Central Bank says that the average motor premium fell from a peak of €729 in the second half of 2017 to €549 in the second half of 2022, but has increased by 12% since then.
The report shows that there were almost 1.2 million motor-insurance policies in the first six months of 2024. These were worth €729 million – up from €662 million a year earlier.
Comprehensive policies continue to increase, and accounted for 93% of policies in the first half of last year.