Wednesday, 9 September 2015

Increase in new insurance claims this year

RTE News


€128m was paid out in claims between January and June of this year
€128m was paid out in claims between January and June of this year
The Injuries Board has said there has been a 7% increase in new insurance claims for the first six months of the year.
Speaking on RTÉ’s Morning Ireland, Interim CEO Maurice Priestley said €128 million was paid out in claims between January and June of this year.
Mr Priestley said the rise in claims is not surprising given the upturn in the economy and the increased number of people on the roads.
He added that the increased volume of claims is just one of a number of reasons contributing to the rise in the cost of motor insurance.
He said under pricing, under reserving, fraud and the average cost of claims are other factors that could be at play in the rise of insurance costs.
Mr Priestley has called for data sharing among insurers, because he said, when the various reasons are considered, it is difficult to understand how insurance costs have risen by 20% when figures from the injuries board do not correlate with such data.
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