Insurance consumers ‘being ripped off’

 

Profits at motor insurance companies have increased in the last year - with only a slight drop in premiums for customers.

A new Central Bank report shows premiums have risen by 35 per cent over the last ten years, but the cost of claims has fallen by 9 per cent.

Between 2018 and 2019, premiums fell slightly to an average of 676 euro.

However in the same time frame, profits at the main motor insurers increased by 12 million to 142 million euro.

Donegal Deputy Pearse Doherty says consumers are being ripped off: