CSO: Motor premium hikes easing but still jump 28pc in year to August
THERE was an easing back in motor insurance premium rises last month.
New figures out this morning from the Central Statistics Office show that motor premiums were up 28pc in the year to August.
Although this is a sharp increase, it is down from the 38.6pc annual rise recorded by the CSO in July.
The cost of premiums fell by almost 1pc in the month of August compared with the previous month.
A 28pc rise in the past year means that a policy that cost €500 last year is now €140 dearer.
Rises in motor premiums are wiping out falls in the price of petrol and diesel, AA Ireland said recently.
The Oireachtas Finance Committee is meeting various groups involved in motor insurance sector at the moment.
The fall-off in the rate of increase in premiums comes as insurers get back to profitability after imposing massive insurance rises on motorists.
Aviva has been making profits lately, and FBD has cut its losses and is expected to report profits next year.