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Central Bank: Motor insurance premiums fell by 7 per cent

Payouts increased by €148m while the number of claims rose by of 37,000

Claims as a percentage of premiums increased to 61 per cent in 2022, up from 47 per cent in 2021

Average motor insurance premiums fell by 7 per cent last year, according to new figures from the Central Bank.

However, the total cost of claims increased by €148 million to €751 million last year compared to 2021, and the number of claims rose by 37,000 to 192,000.

Brian Hanley, chief executive of the Alliance for Insurance, welcomed the 7 per cent reduction in motor premiums as reported in the fifth annual Private Motor Insurance Report ...