Insurance companies are trying to defend the indefensible
Excuses made for price hikes and soaring profits not borne out by recent history
The Central Bank’s report this week is welcome in that it provides a greater level of transparency around motor claims. Photograph: Dave Meehan/The Irish Times
There’s an old adage that if you’re explaining, you’re losing, and it’s one that is apt for the insurance industry right now.
On Monday, the Central Bank of Ireland published a report on private motor insurance that appeared to debunk a lot of the claims made by the industry about why premiums have been rising so steeply in recent years.