The Central Bank of Ireland published the seventh annual Private Motor Insurance Report of the National Claims Information Database (NCID), covering data from 2010 to 2024, with updated metrics on premiums, claims and aggregated financial performance for Ireland’s private motor insurance sector. The 2024 findings show higher average premiums and rising claims costs, with damage claims increasingly driving overall claims outlays and profitability lower than in recent years. Gross written premium for private motor insurance totalled EUR 1.46bn in 2024. The average written premium per policy increased by 9% to EUR 623 between 2023 and 2024, while expected claims cost per policy rose by 3% to EUR 397, its highest level since 2014, driven by damage claims (damage claims cost per policy increased to EUR 192; injury claims cost per policy was EUR 205 and remained below pre-pandemic levels). Expected claim costs were 68% of premiums received and 93% of policies sold had comprehensive cover. Operating profit fell to 4% of total income in 2024 (from 8% in 2023 and 12% in 2022) and the combined operating ratio was 95% gross and 99% net of reinsurance. Claims settled in 2024 totalled EUR 792m, with damage claims accounting for 54% of settled claim costs, while damage claim volumes rose by 6% and average damage claim cost rose by 18% versus 2023. For injury claims settled in 2024, 48% settled directly with insurers (average 1.8 years), 16% via the Injuries Resolution Board (2.7 years) and 36% through litigation (5 years); virtually all direct and Injuries Resolution Board settlements were under the Personal Injuries Guidelines, while in H2 2024 57% of litigated injury claims settled under the Guidelines and 43% with reference to the Book of Quantum.
Central Bank of Ireland 2025-10-31
Central Bank of Ireland publishes seventh National Claims Information Database motor insurance report showing average premium up 9% to EUR 623 in 2024
The Central Bank of Ireland's seventh annual Private Motor Insurance Report highlights increased average premiums and rising claims costs in 2024. Damage claims significantly impacted overall claims outlays, reducing profitability to 4% of total income, down from 8% in 2023. The report noted a 9% increase in average written premiums per policy and a 3% rise in expected claims costs, with damage claims accounting for 54% of settled claim costs.