Cost of home and car cover to rocket
Published 07/08/2015 | 02:30
Drivers and homeowners face at least another year of premium rises as insurers seek to reduce their losses.
The main companies in the market say they have no option but to keep piling more pressure on consumers.
Already, it is estimated that motor premiums have gone up around 20pc in the past year and the rises show no sign of abating. The higher cost means that a car that was insured for €400 last year now costs €480 in premiums.
Experts are now warning that home insurance premiums are also set to be hiked, partly because of higher rebuilding costs.
Aviva Ireland's chief executive Hugh Hessing told the Irish Independent his company remained under pressure on the motoring side of its business. "The pressure is on and has not gone away. I can't say there will be no more increases," he said.
Meanwhile, new powers given to gardaí have led to people caught driving while banned being arrested for the first time.
Some 117 motorists have been charged since June.