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Central Bank reports 5% reduction in Motor Insurance premiums

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The Central Bank of Ireland has published a mid-year report (to end June 2022) providing key statistics on the private motor insurance industry in Ireland.

This is the first such report undertaken and captures data using the National Claims Information Database (NCID).

The key findings are:

The average premium per policy was €578 during this period. This represented a 5% reduction from the average premium in 2021. The average cost is €135 less than in 2017.
Claims settlements – there was in increase in the number and cost of damage to vehicles claims and a decrease in the number and cost of injury claims. However the data is being compared to the first half of 2021 when restrictions were in place.

48% of personal injury claimants settled directly with insurers representing 15% of total costs.

13% of claimants settled through the Personal Injuries Assessment Board (PIAB) making up 6% of total costs.

39% of claimants settled through litigation making up 79% of total costs.

The Central Bank of Ireland noted that there have not been enough litigated claims settled under the new guidelines to assess the impact on the average cost of a claim in the litigation channel.
The Personal Injuries Guidelines were adopted by the Judicial Council on 6th March 2021. However some claimants received compensation awards calculated with reference to the previous structure known as the Book of Quantum. It will take a few years of data to get accurate trends of the new Guidelines.

The average Irish car insurance premium of €578 is almost half the UK average. The average premium in the UK is £929 (€1062.14) having increased by 21.1% in the year up to February 2022.

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Safety Concerns raised over Loo Bridge junction – again

At Monday’s meeting of Kerry County Council, Councillor Maura Healy‑Rae tabled a Motion highlighting continuing safety issues at the junction of the N22 (Kenmare Road) and the turn-off for Loo […]

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At Monday’s meeting of Kerry County Council, Councillor Maura Healy‑Rae tabled a Motion highlighting continuing safety issues at the junction of the N22 (Kenmare Road) and the turn-off for Loo Bridge near Killarney.

In her motion Cllr Healy-Rae asked the council and the Transport Infrastructure Ireland (TII) to “examine the safety of Loo Junction on the N22 and to explore the implementation of further safety measures. Notwithstanding previous measures that have taken place, accidents and collisions continue to occur at this location on a regular basis.”

The junction has been described as an “accident black-spot off the main Kerry–Cork road,” and flagged as a high-risk location for some time.

Despite the installation of advance-warning signs and flashing lights, local residents and councillors remained deeply concerned about the junction’s visibility and vehicle speeds.

In reply to the motion, a council official confirmed that the junction’s performance is being reviewed in cooperation with the TII’s Safety Section. The reply stated that further intervention measures are being planned, which will include improved junction definition and measures to promote speed reduction on the N22.

While this confirms action is under way, no firm timeline for the implementation of these additional safety measures was included in the council’s response.

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Cross-county collaboration key to building STEM skills in the South West

A meeting in Killarney has highlighted the opportunity for greater collaboration across counties to strengthen the STEM (Science, Technology, Engineering and Maths) talent pipeline in the South West. Representatives from […]

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A meeting in Killarney has highlighted the opportunity for greater collaboration across counties to strengthen the STEM (Science, Technology, Engineering and Maths) talent pipeline in the South West.

Representatives from STEM South West met with Minister of State Michael Healy-Rae, Fearghal Reidy, CEO of Kerry County Council, and Patrick Doyle, Regional Manager of the IDA, to discuss how STEM education and industry can be supported and expanded across the region.
The STEM South West Leaders Dialogue, held at the Muckross Park Hotel, focused on how the sector can continue to grow despite challenges such as skills shortages, competitiveness, and housing pressures. Participants agreed that stronger cooperation between national and local government, education, and industry is essential.
The discussion emphasised the importance of developing a long-term strategy to attract and retain skilled workers, and to support local and multinational companies operating in STEM fields. Programmes such as the Adopt a School initiative and the annual STEM South West Careers Expo were highlighted as key ways to connect schools, students, and employers.
Minister Healy-Rae said:
“It is key that all young people are given the full opportunity to reach gainful, suitable employment. From electricians to engineers, we need to educate young people on the opportunities available to them.”
Mary Good, Managing Director of Advanced Medical Services and Chair of STEM South West, said the event showed strong support for more joint action across the South West.
“Ongoing collaboration across all sectors is key,” she said. “We are inviting Kerry and Cork schools and STEM companies to take part in our Adopt a School initiative and our Careers Expo on 20 November.”
Audience members also called for greater recognition of SMEs that play a vital role in regional employment and work closely with larger international companies.
STEM South West is a not-for-profit, industry-led cluster aimed at building the region’s capacity in science, technology, engineering and maths.
For more information, visit www.stemsouthwest.ie.

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