Alliance For Insurance Reform – Fact Sheet

Alliance releases second infographic on Ireland’s insurance crisis – Warns that without dramatic reductions in damages, crisis will go on indefinitely

The Alliance for Insurance Reform has today launched the second in a series of infographics summarising key facts about the Irish insurance market.

Key new insights from the infographic include:

  • Compensation accounts for 42% of the total cost of insurance premiums – by far the biggest component
  • Lawyers fees, underwriters profits and brokers’ commissions extract roughly equal amounts from premiums
  • Lawyers are the massive winners when a case goes to the courts. Policyholders do not gain from threatening to go to court.
  • Insurers have been the big winners from the current crisis, as claims costs held steady but premiums shot up by 42%

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