The insurance industry has defended rising profits at motor insurance companies, despite a fall in the cost of claims.
A new Central Bank report shows claim costs have fallen 9 per cent over the last ten years, yet premiums have risen by over one third.
Last year, the main motor insurers made 142 million euro in profit, an increase of 12 million on the previous year.
A Killorglin man who has campaigned for insurance reform says radical change is needed.
Kian Griffin of Ireland Underground says the Central Bank’s report is the latest in a cycle of reports and investigations, all of which have had no effect on the cost of insurance.
He says, despite peaks and troughs in premium costs, the majority of drivers under 25 are still paying over €1,000 annually.
Mr Griffin believes insurance should be controlled by government, similar to road tax.
