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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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Con O’Leary: Killarney loses a vibrant and popular personality

Killarney Chamber of Tourism and Commerce has led the tributes to the late Con O’Leary, an extremely popular and very successful businessman in the town, who passed away in the […]

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Killarney Chamber of Tourism and Commerce has led the tributes to the late Con O’Leary, an extremely popular and very successful businessman in the town, who passed away in the early hours of Sunday.

Con was a vibrant and popular personality in Killarney where he operated The Laurels on Main Street, a thriving bar and restaurant, which he inherited following the passing of his father, Thado.
The business organisation said from a social perspective, The Laurels became the beating heart of the town and it was a landmark at the Market Cross in the same way as Clery’s clock was in the capital city.
Chamber said Con’s passing really marks the end of an era as he was one of a golden age of inspirational local business people who developed and built Killarney, through hard work, bravery and great commercial flair, and helped create the wonderful tourist attraction and holiday destination it is today.
“Con was very proud of Killarney and he played a very active part in progressing the town at many levels.
“He was a man that was never short of great ideas and his contribution to the business life of the town and as a director of Killarney Race Company was immense,” Chamber said.
“He was ahead of his time in many respects with the introduction by what became known as “the singing lounge” many years ago and The Laurels always led by example through its successes in the annual Killarney Looking Good competition”.
The business representative organisation noted that the O’Leary family has always been very supporting of the town and Con’s daughter, Kate, was a very dynamic Chamber President and is still a very valued member of the executive.
Chamber expressed deep sympathy to Con’s wife, Anne, children Kate, Niall, Tara and Lorna, sons-in-law, grandchildren, sisters, relatives and friends as well as the dedicated staff in The Laurels, past and present, who Con always had great time for and a great rapport with.

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All Roads Lead To Kerry For National Road Safety Conference

Kerry County Council is to host a two-day road safety conference at the INEC Killarney on May 28 and 29. The ‘Safer Roads’ road safety conference is an inter-agency event […]

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Kerry County Council is to host a two-day road safety conference at the INEC Killarney on May 28 and 29.

The ‘Safer Roads’ road safety conference is an inter-agency event focused on improving road safety, reducing traffic-related incidents, and sharing knowledge and best practices for safer road use. It encompasses various strategies and efforts across multiple domains, including road design, engineering, enforcement, forensic collision investigation, technology, education, collision trends, occupational driving, cycling and scooting, e-mobility, active & sustainable travel and on-road events.

In addition to this, AI, Virtual Reality and Driver Simulation will play a significant role at the conference, in improving safety by predicting and preventing accidents, optimizing traffic, and aiding the development of autonomous vehicles.

This ‘Safer Roads’ conference is a non-public event where road safety professionals, speakers and service providers from across Ireland, other EU countries and the UK will attend, including transportation experts, government and local authority officials, roads policing and vehicle inspection agencies, road safety advocates, educators and promoters, collision responders, cycling bodies and community safety networks.

Kerry County Council’s Road Safety Officer Declan Keogh said:
“Road safety has evolved over the years to a much broader scope, in terms of e-mobility, sustainability, technology and engineering for instance. It’s not just about the road or the vehicle anymore, but also about how technology, human behaviour, enforcement, and education intersect to reduce risks and prevent collisions. The ‘Safer Roads’ conference will involve and include every branch of the road safety tree, right across the board, and in doing so, we aim to increase road safety awareness, improve road user behaviour and decrease the collisions and carnage we see on our roads every day,”

The two-day conference also provides an opportunity for exhibitors to attend, and interested state bodies, businesses and service providers are invited to exhibit at the event to showcase their products and services and engage with delegates and officials at the conference.

Further information about the conference and how to register or exhibit can be found here. https://www.kerrycoco.ie/safer-roads-road-safety-conference/

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