Fraudulent and exaggerated claims push up costs
Irish Central Statistics Office figures show insurance premiums rose by more than 20% last year and insurers and brokers say further rises are likely as claims continue to increase, the Irish Post reports.
Rises to the end of August
- Average rise 19.9%
- Household up 26.6%
- Health up 21%
- Motor up nearly 15%
The latest annual statistics from the Irish Insurance Federation (IIF) show a 23% increase in the cost of general insurance claims last year.
‘‘Household claim costs increased by 53%, and the number of new household claims increased by 29 %,” said the IIF report. ‘‘Motor insurance premium rates, which had been falling continuously for the last four years, started rising again."
Fraudulent and exaggerated claims were blamed and insurers are getting tougher on paying out.
