Are motor insurance reforms bringing down your premiums?
Summary
Moira Murdoch, Chief Executive of Insurance Ireland, discusses falling insurance premiums driven by market stability and recent reforms. She highlights that rising vehicle repair costs, particularly for modern EVs with integrated technology, and surging legal fees are key cost drivers. Murdoch urges consumers to use the Injuries Resolution Board, noting it offers faster settlements and significantly lower legal costs compared to litigation.
Topics discussed
Introduction and context on falling insurance premiums
Market stability and the impact of reform agendas
Key cost drivers: claims and rising vehicle repair costs
The rising cost of legal fees in insurance claims
Advocating for the Injuries Resolution Board over litigation
How new vehicle technology increases repair and write-off costs
Why the Injuries Resolution Board is faster and cheaper than court
Closing remarks and sign-off
Sponsor segment: CFP professionals and financial planning
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