"Motor insurance ‘monster rally’ attracts low numbers"

Brendan Burgess

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Motor insurance ‘monster rally’ attracts low numbers
‘Ireland Underground’ holds march for people priced out of insurance market

"He called a monster rally for Merrion Square and said he expected 6,000 cars in attendance while 7,000 confirmed on [broken link removed] that they would be going.

The crowds were due to assemble at 12pm outside the Dáil and proceed from Merrion Square at 2pm. At 1pm just six people were in attendance including [broken link removed] (28) whose insurance premium doubled to almost €4,000 last year. Looking at the empty street, she lamented: “No one gets off their This post will be deleted if not edited to remove bad language in this country. That’s why nothing changes.”

Just before 2pm, a couple of Sinn Féin activists arrived with a makeshift stage, speakers and a few protesters with flags. By the time the rally started there was 70 people in attendance.
 
I feel for them. When we organised a meeting on mortgage rates, around 100 showed up.

And like that, we had far more promises than people.

Brendan
 
I think too many people accept "Rip off Republic" and try and get on with it. There is though something amiss with the price rise in insurance that I don't see in UK forums as an issue only here in Dear old Ireland.
It is the reason I won't teach my daughter to drive even though she has passed the theory test. It is too expensive to run a car and insure a son/daughter on that car in Ireland. It is now actually cheaper to pay for many lessons to get through a test than to insure and practice in a parents car like I did.
 
It is a shame that the rally was not better supported but like other things paying €300 more each year in car insurance does not grab headlines like other "taxes".

My insurance went up 100% so rang another company and got it for the same as last year, similar story with colleague in the office.

So I'm not sure how big the issue is?
 
It is big.

My jeep insurance went up 50% and car insurance went up roughly the same.

I shopped around but it only got more expensive.

... full licence, full no claims and no penalty points.
 
So the full time professional protestors from Sinn Fein turned up with their stage, PA and flags.
No surprise there. SF can never resist the opportunity to try to hijack any protest for their own political ends. Pity they cannot be as determined to put an end to their "allies" trade in drugs, fuel laundering, smuggling etc.
 
Is the fundamental issue with insurance not the current low interest rate environment?

Companies cannot generate sufficient return from the float, so premia are increasing.

In my view, that is very different to the mortgage rate campaign, where consumers are genuinely being ripped off.
 
Who do protesters think should be subsidizing their insurance? Shareholders, taxpayers, or older drivers?
 
trasneoir said:
Who do protesters think should be subsidizing their insurance? Shareholders, taxpayers, or older drivers?
Click to expand...

Reducing premiums doesn't necessarily mean subsidization. Perhaps someone could look at why the insurers are forced to charge so much?
 
That would be claims, and profits. These companies arent charities.
 
peteb said:
That would be claims, and profits. These companies arent charities.
Click to expand...

Insurance companies haven't made a lot of profits with the insurance business over the last few years. Combined ratios are usually barely below 100, if not above.
They made profits mostly via investments, and well that last few years weren't necessarily great for that either.

But looking at the anecdotal evidence of fraudulent claims, exceptionally high personal injury payouts etc., I am not surprised that prices are going.

Mind, I am not happy myself - the renewal quote for my car insurance came in at almost triple what I paid last year. No surprise then that I'll take my business elsewhere.
Still some mad spread - anything between 520 and 1700(!) euro for the same car and details...

I wouldn't take to the streets for this though.
 
Fairly obvious really. Massive payouts for injuries here versus other jurisdictions. Inability to generate return from their cash due to the low interest rate environment. A legacy of dodgy companies charging too little in the past and not being run properly.
 
Apparently PIAB are saying that the level of claims has not increased over the last year.

My gut feeling is that they were charging ridiculously low premiums for the last few years which is why so many companies lost money - FBD, Quinn, RSA(?).

So the premiums are returning to normal now.

But that is my gut feeling. Someone needs to document the losses or profits on the motor insurance book to see what the facts are.

Brendan
 
Brendan Burgess said:
My gut feeling is that they were charging ridiculously low premiums for the last few years which is why so many companies lost money - FBD, Quinn, RSA(?).
So the premiums are returning to normal now.
Click to expand...
MIBI assumed €90m of Setanta's liabilities when they went under. http://www.irishtimes.com/business/...o-rise-after-setanta-court-decision-1.2557152
If insurers have been selling below cost for several years, it's not hard to imagine how declining returns from their investments could put them in a tight spot.
 
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