Insurance firms were recently instructed to pass on savings to consumers and businesses by Government ministers
Motor insurance soared by over 7 per cent in the past year – prompting campaigners to call for Government intervention.
That contrasts with the general rate of inflation for May which was 2.6 per cent, according to Central Statistics Office figures. Insurance Ireland contends that premiums have fallen by 40 per cent since early 2017 to an average of €670. Hanley said: "It would be churlish not to acknowledge the increase in cost of labour when it comes to motor repairs because of inflation. But an increase of three times the rate of inflation could be seen as opportunistic.
"Personal injury claims comprise the majority. They were down, according to the last Central Bank report.
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