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Inquiry sort into the excessive car and house insurance costs

June 29th, 2009

Inquiry sort into the excessive car and house insurance costs being facedLarge increases in car and house insurance have lead to the Consumers’ Association to ask for a probe into rising personal insurance costs by the Competition Authority and the Oireachtas. Data from the Central Statistics Office has revealed a 22.5 per cent rise in the year to April 2009 in home insurance premiums and a 12.9 per cent hike in car insurance. In comparison, households in the UK have seen a rise of just 1 per cent for home insurance and 10 per cent for car insurance according to the UK’s Office for National Statistics. Despite the seemingly excessive rises in premiums, insurers have indicated that they will have to continue to increase the costs of personal insurance. People seem to be hit hardest with the increase in costs when it comes to the renewal of their policy with some consumers complaining of price rises of as much as 60 per cent.

Entry Filed under: Business