Cost of Settling Motor Insurance Claims Increased 23%

Cost of settling motor insurance claims increased 23%

There was a 23% increase in the cost of settling motor insurance claims during the first half of last year compared to the second half of 2023, according to latest figures from the Central Bank's National Claims Information Database.

Motor insurance claims hit record €414m in first half of 2024, says Central Bank

Motor insurance payouts hit €414m in six months, driven by rising costs, legal fees, and growing damage claim volumes

Government’s move to increase personal injury payouts will drive up premiums

Rubberstamping this increase without proper scrutiny amounts to a dereliction of duty from government, according to Social Democrats acting leader Cian O’Callaghan. Deputy O’Callaghan, who’s the party’s finance spokesperson, said: “The report from the National Claims Information Database (NCID), released by the Central Bank, indicates that the cost of motor claims increased by 23% during the first half of last year. “This rise is linked to a hig…