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Motor insurance premiums up 42% even though claims fall, Central Bank report finds

The cost of motor insurance claims fell by 2.5 per cent between 2009 and 2018 but premiums rose by 42 per cent, according to a Central Bank report which also revealed that insurers made an average of 9 per cent profit last year.

The first comprehensive study of premiums and cost claims in Ireland appears to cast doubt on longstanding industry claims that the higher cost of car insurance is the result of spiralling payouts and increased claims, resulting in low profitability.

Read more: https://www.irishtimes.com/business/financial-services/motor-insurance-premiums-up-42-even-though-claims-fall-central-bank-report-finds-1.4116735

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