The cost of car insurance is expected to increase even more this year according the CSO.
The news comes after the price of the average motor insurance premium increased by 31.1% in the past year. The significant increase in premiums have prompted the Department of Finance to conduct a review into insurance companies decision to place such a price hike.
Meanwhile the Minister for Finance Michael Noonan has acknowledged there are issues that need to be addressed, although, he insisted out that neither the Central Bank or the Department of Finance could influence the pricing policies of insurance companies.
Mr Noonan said whilst he would not intervene in regards to the insurance advisory board, he did say he would see what advice was given following the Department’s review, which he said should be completed within months.