Central Bank of Ireland: Private Motor Insurance Statistics for 2013; level of accident frequency and costs

DUBLIN, 26-10-2015 — /EuropaWire/ — The Central Bank today (23 October 2015) publishes the Private Motor Insurance Statistics. The Private Motor Insurance Statistics examines the level of accident frequency and costs, and the related impact upon allocated premium differentials by driver profile.  This report is based on the analysis of policy, premium and claim data, up to and including the accident year 2013.

Key findings:

  • During the period 2003 – 2013, average premiums declined sharply by 47 and 48 per cent for comprehensive and third party fire & theft cover, respectively.
  • Average costs, measured on a per claim basis, have generally exhibited an upward trend, increasing by 23 per cent for comprehensive and 38 per cent for third party fire & theft cover over the period 2006 to 2013.
  • Between 2012 and 2013 accident frequency reduced from 5.3 to 5.2 accidents per 100 policy years for comprehensive cover and from 4.1 to 3.7 for third party fire & theft.
  • Notwithstanding gains made in 2012, an overall downward trend is evident for settlement rates after 2008. Between 2008 and 2013 claims cost settlement rates decreased by 13 and 17 percentage points for comprehensive and third part fire & theft policies, respectively.

Notes

  • The Private Motor Insurance Statistics are compiled from policy level data submitted by Insurance Ireland to the Central Bank of Ireland.
  • The raw data for each accident year is aggregated from insurance companies representing 99.3 per cent of the Insurance Ireland’s private motor market, in terms of gross written premium.

SOURCE: Central Bank of Ireland

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