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%