Car insurance premiums were up 9% during first half of 2024
The average motor insurance premium increased by 9% during the first half of 2024 compared to the previous year, with insurance companies seeing a significant increase in total premiums paid, a new report by the Central Bank of Ireland shows.
During the first six months of 2024, there were more than 1.18 million policies written, with the gross cost of those premiums valued at €729m. During the same period in 2023, there were over 1.16 million policies written, with a combined gross value of €655m.
Between January and June last year, the average written motor insurance premium cost €616 compared to the €567 recorded throughout 2023. Since the second half of 2022, the average written premium has increased by 12%.
While the average premium increased during the first half of 2024, it is still below its peak during the period July to December in 2017. At that point, the average insurance premium cost €729.
The majority, 93% of these policies were for fully comprehensive insurance, as third-party, fire, and theft policies continued to decrease.
The data is derived from firms that make up 98% of the private motor insurance market in Ireland.
Last October, the Central Bank reported that insurance companies saw profits increase by 8% to €105m in 2023.
Following the introduction of a new detection system in 2024, the number of uninsured vehicles on Irish roads has almost halved — data published last week by the Motor Insurance Bureau of Ireland found.
The MIBI said just over 4% of vehicles on the road were uninsured in 2024, compared to 8.3% of vehicles in 2022.
The data comes from the Irish Motor Insurance Database, which collects information from insurers, brokers, fleet owners, and motor traders to compile details of policy holders, vehicle registration numbers, and the names of drivers permitted to drive that vehicle under the policy.
This data is then shared with the Department of Transport and An Garda Síochána.
Gardaí can check a vehicle's insurance status on the roadside and take action if a driver is uninsured.
Last year, MIBI said there were 101,881 uninsured private vehicles against an overall total of 2.4 million. In 2022, this number was 187,803 against a total of 2.25 million.
Last week, the Government launched the public consultation phase to support the Action Plan on Insurance Reform.
The Government said the next phase of the plan would focus on measures to grow the insurance market to increase availability and improve affordability, strengthen consumer protections, and address transparency and affordability across all types of insurance.
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