An Oireachtas report into the rising cost of motor insurance blames a lack of transparency by insurance companies for the surge in premium prices.
A joint committee made up of Finance, Public Expenditure and a Reform Committee submitted a report into why motor insurance premiums are spiralling and out of control.
It states that insurance companies are unwilling to be fully transparent and have a “closed mentality” to share data.
The report shows that 70% of claims are settled privately by insurance companies outside governmental boards. It said the lack of information put forward by insurers would also be problematic for new operators into the Irish market.
However, the insurance industry blames price rises on an increase in legal costs and compensation awards but the report says no evidence is being provided to support this.
Motorists have seen their insurance premiums rise in some cases as much as 120% for the same policy.