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21/10/2009
Insurance Costs Sky Rocket
The cost of insurance is skyrocketing in a number of sectors, according to new figures.
One of the worst affected areas is home insurance, where householders can expect increases by over 20% and up to 40% on their premiums.
Insurance company AA Ireland said there were a number of reasons for the price rises.
The company pinpointed issues such as more expensive fittings and furnishings, recent severe weather conditions, and increased numbers of fraudulent or exaggerated claims, and a government levy on home insurance policies increasing all policies by 3%.
An AA Ireland spokesman said: "None of these factors in isolation would add up to the hefty increases that we are seeing, but the combination is driving prices up sharply. This will affect all home insurance policies irrespective on the provider but the consumer should still keep their eyes open and shop around."
A survey by accountancy firm Deloitte published today has also found increases planned by the majority of motor insurance companies for next year.
Half of motor insurance companies said they expected to allocate increases of between 5%-10%, while one-in-five have plans to hike premiums by more than 10%.
Motor insurers saw their profits drop sharply to €35.1 million last year, just under a tenth of what they were in 2007 and are claiming that fraudulent applications are the main cause of their increases.
The unprecedented surge in unemployment in Ireland since the beginning of 2008 has also led to a dramatic increase in unemployment cover on mortgage payment protection policies.
(DW/KMcA)
One of the worst affected areas is home insurance, where householders can expect increases by over 20% and up to 40% on their premiums.
Insurance company AA Ireland said there were a number of reasons for the price rises.
The company pinpointed issues such as more expensive fittings and furnishings, recent severe weather conditions, and increased numbers of fraudulent or exaggerated claims, and a government levy on home insurance policies increasing all policies by 3%.
An AA Ireland spokesman said: "None of these factors in isolation would add up to the hefty increases that we are seeing, but the combination is driving prices up sharply. This will affect all home insurance policies irrespective on the provider but the consumer should still keep their eyes open and shop around."
A survey by accountancy firm Deloitte published today has also found increases planned by the majority of motor insurance companies for next year.
Half of motor insurance companies said they expected to allocate increases of between 5%-10%, while one-in-five have plans to hike premiums by more than 10%.
Motor insurers saw their profits drop sharply to €35.1 million last year, just under a tenth of what they were in 2007 and are claiming that fraudulent applications are the main cause of their increases.
The unprecedented surge in unemployment in Ireland since the beginning of 2008 has also led to a dramatic increase in unemployment cover on mortgage payment protection policies.
(DW/KMcA)
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04 July 2017
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A series of raids have taken place across insurance companies, brokers and representative bodies in the motor industry.
Officials Carry Out Raids At Motor Insurance Companies
A series of raids have taken place across insurance companies, brokers and representative bodies in the motor industry.
23 October 2008
Insurance Premiums To Rise By 10%
A leading consultancy firm has said car owners should expect to see car insurance premiums jolt upwards by up to 10%. In their annual Motor Insurance Survey, Deloitte said nearly 90% of Irish motor insurance companies said that they expect to increase premiums in 2009.
Insurance Premiums To Rise By 10%
A leading consultancy firm has said car owners should expect to see car insurance premiums jolt upwards by up to 10%. In their annual Motor Insurance Survey, Deloitte said nearly 90% of Irish motor insurance companies said that they expect to increase premiums in 2009.
19 June 2013
Garda Found Guilty Of Car Insurance Fraud
Garda officer Paul Fogarty has been found guilty of insurance fraud. The 28-year-old, who is stationed in Dublin, falsely claimed that his car, which had been badly damaged in a crash, was in "perfect condition" when he reported it stolen. He was attempting to claim €10,000 from the insurance company for the vehicle.
Garda Found Guilty Of Car Insurance Fraud
Garda officer Paul Fogarty has been found guilty of insurance fraud. The 28-year-old, who is stationed in Dublin, falsely claimed that his car, which had been badly damaged in a crash, was in "perfect condition" when he reported it stolen. He was attempting to claim €10,000 from the insurance company for the vehicle.
28 March 2008
Bargain Hunters Could Save €350 On Home Insurance
Home-owners who shop around for the best deal on home insurance could save up to €350, according to figures released today. The Financial Regulator published new online home insurance cost comparisons on its website, itsyourmoney.ie.
Bargain Hunters Could Save €350 On Home Insurance
Home-owners who shop around for the best deal on home insurance could save up to €350, according to figures released today. The Financial Regulator published new online home insurance cost comparisons on its website, itsyourmoney.ie.
05 November 2014
New Measures To Tackle Health Insurance Increases
New measures are to be introduced to address the rate of increases in private health insurance, Minister for Health, Leo Varadkar, has said. The measures will be included in legislation due to be published tomorrow, the minister said and will see the level of stamp duty paid by insurers frozen from March 2015.
New Measures To Tackle Health Insurance Increases
New measures are to be introduced to address the rate of increases in private health insurance, Minister for Health, Leo Varadkar, has said. The measures will be included in legislation due to be published tomorrow, the minister said and will see the level of stamp duty paid by insurers frozen from March 2015.
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