Central Bank of Ireland publishes seventh annual Private Motor Insurance Report of the National Claims Information Database
31 October 2025
Press Release
The Central Bank of Ireland today (31 October 2025) published the seventh annual Private Motor Insurance Report of the National Claims Information Database (NCID) (PDF 2.2MB). The report looks at data from 2010 to 2024 and gives insights into the cost of premiums, claims and the overall aggregated financial performance of the private motor insurance sector. NCID compiles data from all insurers selling private motor insurance in Ireland with a view to improving the overall transparency of the private motor claims sector.
The total gross written premium in 2024 for private motor insurance was €1.46bn. Other key findings published in today’s report include:
Cost of Insurance
- The average written premium per policy increased by 9% to €623 between 2023 and 2024.
- The expected cost of claims per policy increased by 3% to €397 in 2024, the highest it has been since 2014. This is driven by damage claims:
- Damage claims cost per policy increased to €192, while injury claims cost per policy remains lower than pre-pandemic levels at €205.
- Injury claims cost remained stable between 2022 and 2024, compared to €257 for the pre-COVID 2015-2019 average.
- The average cost of smaller injury claims has reduced in recent years, but this has been offset by an increase in the average cost of larger injury claims.
- Expected claim costs as a percentage of premiums received was 68% in 2024.
- In 2024 93% of policies sold had comprehensive cover which is consistent with the 2023 findings.
Income and Expenditure
- Operating profit was 4% of total income in 2024, down from 8% in 2023 and 12% in 2022.
- Overall, between 2010 and 2024 operating profit was 5%.
- Combined Operating Ratio (COR) was 95% gross and 99% net of reinsurance.
Settled Claims in 2024
- The total cost of claims settled in 2024 was €792m.
- Damage claim costs accounted for 54% of total settled claim costs, an increase from the 29% average observed between 2015 and 2021.
- Damage claims increased by 6%, while the average cost of damage claims increased by 18% compared to 2023.
- For injury claims settled in 2024:
- 48% settled directly with an insurer, with an average time taken to settle of 1.8 years.
- 16% settled through the Injuries Resolution Board with an average time to settle of 2.7 years
- 36% settled through litigation with an average time taken to settle of 5 years.
Personal Injuries Guidelines
For injury claims settling directly or through the Injuries Resolution Board, virtually all claims settled under the Guidelines in 2024. For injury claims settled through litigation in H2 2024:
A reduction in compensation awards has also been observed for claims (under €100,000 compensation cost) settled in the litigated channel.
Robert Kelly, Director of Economics and Statistics at the Central Bank of Ireland, said: “We are pleased to publish the seventh annual Private Motor Insurance Report of the NCID today. It’s an important resource for policymakers, stakeholders and the wider financial services industry and improves the overall transparency of the claims environment and the insurance sector.
“The average written premium has increased by 9% compared to 2023. The data also shows claims costs continue to rise, primarily due to an increase in damage claims. In 2024, damage claims accounted for 54% of settled claim costs, a significant increase from the 29% average observed between 2015 and 2021.
“While there has been an upward trend in the number of claims settled and the associated costs since the COVID years, it is important to highlight the total cost of injury claims settled in 2024 was 16% lower than the average from 2015 to 2019, with the total number of injury claims settled being 23% lower. Operating profit was 4% of total income in 2024, down from 8% in 2023 and 12% in 2022. Overall, between 2010 and 2024, operating profit was 5%.”
ENDS
More Information
Kelly Horn [email protected] / [email protected]