Tuesday 25 July 2017

Central Bank can't lower premiums - but we can hold insurers to account

The Central Bank headquarters in Dublin
The Central Bank headquarters in Dublin

Cyril Roux

Many motorists have seen steep increases in their insurance premiums in recent times, and are understandably asking why.

The answer is a sudden return of commercial premiums to break-even, after years of declining premium rates, in a climate of increased claims and low investment returns.

Where does the Central Bank, as financial regulator of the insurance industry, fit into this picture?

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