Connect with us

News

Central Bank reports 5% reduction in Motor Insurance premiums

Published

on

0257449_0250641JPHealy1000x600.jpg

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.

Advertisement

News

Town centre hotel slashes energy costs by over a third after retrofit

Published

on

By

A full energy retrofit at Scott’s Hotel will cut annual energy costs by more than a third, highlighting how hospitality businesses can benefit from available grant supports.

A showcase event at the hotel on Friday last heard how the project has significantly reduced carbon emissions while improving energy efficiency and the overall guest experience.

The project, delivered by Energywise Ireland under the SEAI Community Energy Grant (CEG) scheme, included a 162kW solar PV system, cavity and attic insulation, a hot water system upgrade and a new air conditioning system.

The renewable energy company said the retrofit has the potential to result in a 36% reduction in annual energy costs.

It’s also advising that companies and community groups can avail of grant amounts of between 30% and up to 50% for non-domestic buildings.


Berth Sheehy, CEO of Energywise Ireland said: “We were delighted to be asked to take on this project at Scott’s Hotel Killarney and we’re very pleased with the results. Hotels operate year-round with significant energy demands, so the impact of targeted measures can be substantial.

This project shows how businesses can reduce energy costs and emissions while making their operations more efficient.”



Managing Director at Scott’s Hotel Maurice O’Donoghue added: “Like many hospitality businesses, energy costs are a key consideration for us. We received sound, practical advice from Energywise Ireland and the results have exceeded our expectations. Not only have we reduced our energy use and running costs, but we’ve also improved comfort levels for guests throughout the hotel.”

The SEAI is encouraging other businesses across the country to explore available grant supports. Spokesperson Katerina Leromonahos said: “SEAI offers a range of supports to help businesses improve energy efficiency, from community-based projects to direct business grants.

These supports help businesses reduce energy use and lower running costs. We would encourage businesses to explore the options available and seek advice, including through registered One Stop Shops, to find the approach that best suits their needs.”


Founded in 2009, Energywise Ireland is a nationwide provider of energy services, specialising in renewable energy and retrofit solutions for domestic, commercial and agricultural clients. Its services include solar PV, heat pumps, EV charging systems and full energy upgrades, delivered through SEAI-supported programmes including its registered One Stop Shop.

Attachments

Continue Reading

News

Shades are spot on for the greening of Killarney

Published

on

By

Killarney will leave every other town in the country green with envy when the whole place turns a distinctive shade of green in the lead up to and during the St Patrick’s Festival.

From early this month, buildings across the town and the surrounding area will be illuminated in vibrant green, including landmarks such as St Mary’s Cathedral, the Franciscan Friary, St Mary’s Church of Ireland, Methodist Church, Ross Castle and Killarney Courthouse.


In addition, several hotels, shops, restaurants and pubs will join in the celebration and a public vote on Facebook will select Killarney’s Best Green Themed Building.


Shop windows will be decorated, locals and visitors dress in shades from emerald to lime and colourful hats and costumes add to the fun.


Businesses have been urged to make a special effort this year and the entire town will be a winner.

Continue Reading

Last News

Sport