A Ennis Insurance broker is welcoming efforts by the Acting Minister For Jobs and Enterprise to address the spiralling cost of quotes.
Richard Bruton has met with the President of the High Court, in a bid to reign in Insurance pay outs.
There has been a 30% rise in cost of motor insurance premiums in the last year with the continuing increases being blamed on larger insurance payouts.
Other factors affecting premiums are fraudulent claims and the collapse of Setanta insurance – which left 90 million in unpaid claims.
Insurers say these two factors alone add around 100 euro to each policy.
Padraic McNicholas of Munster Group Insurance says the Minister's efforts to address the issue are encouraging, however he expects premiums to continue to rise, at least in the short term.
The Injuries Board has reported that its payouts have only increased by 1% this year, however, about 70% of cases are settled directly by insurers and they don't publish the settlement details.
Meanwhile, VHI customers are also set to pay more for their health insurance with the cost of the company's policies set to increase by an average of 3% from May.
