The trend of rising insurance premiums that was so prevalent throughout 2015 looks set to continue, due to a variety of circumstances. Insurers, managing general agents (MGA) and others believe this is due to the rising cost of claims and an increased solvency capacity requirement; however there are other uncertain factors that are well known to the insurance community contributing to this trend.
With motor insurance compulsory under the Road Traffic Act, which fulfils our EU requirements to provide Third Party Cover throughout the EU for Irish policyholders, do we need to review how motor insurance is calculated or can there be more innovation brought into the calculation?
Richard Brophy of Brophy & Co Insurances Ltd presents observations of the industry with some factors that influence the pricing of motor insurance in this Thinkpiece article.
The views expressed within this Thinkpiece are those of the author and should not be interpreted as those of The Insurance Institute or its members. This document contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate. The information in this article is correct at the time of publication.
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