Insurance firms may cut motor premiums this year

There are indications that insurance companies may reduce motor insurance premiums as early as the summer after changes to personal injury claim payouts take effect later this month.

Minister of State for financial services and insurance Seán Fleming said he had received assurance from some firms that premiums would be cut as early as July, in anticipation of the effects of the changes.

Mr Fleming said he had held several one-on-one meetings with insurance executives, to discuss the changes and anticipated reductions in premiums.

“I’ve met most of the insurance companies. I will be concluding meetings with them this week . . . Some are saying from the 1st of July they will show a reduction in premiums,” he said.

Last month judges voted in favour of adopting new guidelines ensuring awards in certain personal injury cases are in line with the injuries sustained.

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