ADVOCATES FOR INSURANCE industry reform have reacted with anger to the findings of a new Central Bank report that reveals the average cost of liability and commercial property insurance premiums rose by 24% between 2013 and 2019 from €1,828 to €2,269.
“This marks another milestone in the NCID series and is the first time we have looked at this complex area of insurance,” said Mark Cassidy, Director of Economics and Statistics at the Central Bank of Ireland. When it comes to the cost of package premiums over the decade, two distinct periods are noted in the report.But between 2013 and 2019, the average premium for package policies increased by 24%.
“Because of that lower profitability, the firm’s then need to catch up. They then need to recoup the losses from the very low periods of profitability by increasing their premiums over the subsequent years.” But he said it’s clear from the data that costs “within the control” of firms are also driving the losses.
In other words “I can’t complain about the claims anymore they really did sky rocket. All I’ve got left is expenses” Perhaps he’d like it run by volunteers.