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    Motor insurance claims hit record €414m in first half of 2024, says Central Bank

    LEN EditorBy LEN EditorJuly 2, 2025Updated:July 3, 2025 Top News Stories No Comments3 Mins Read
    Motor insurance claims hit record €414m in first half of 2024, says Central Bank

    Between January and June 2024 there were about motor insurance 87,700 claims which resulted in €231m being paid out in damage claims, while injury claims stood at €183m.

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    New data from the Central Bank of Ireland reveals that the total value of settled motor insurance claims reached a record high of €414 million in the first half of 2024, encompassing both damage and injury settlements.

    In comparison, €320.8 million was paid out in settlements during the first half of 2023, rising to €339.7 million in the second half of that year.

    According to the Central Bank’s latest private motor insurance report, approximately 87,700 claims were filed between January and June 2024, resulting in €231 million in damage claim payouts and €183 million in injury claim payouts.

    The total cost of damage claims settled in the first half of 2024 was 179% higher than the average observed between 2015 and 2019.

    The average cost of a damage claim was €3,150, a 24% increase. The report attributes this rise to a growing trend in the total cost of damage claims since 2022.

    Total injury claim costs rose by 13% in the first half of the year but remain 16% lower than the pre-COVID average.

    For injury claims under €100,000, the average claim cost was €22,651, including €7,128 in legal expenses. This average increases to €38,553 when claims exceeding €100,000 are included.

    There were 283 claims settled for over €100,000, with a combined value of €82 million.

    The data presented in these reports covers the period from 2015 onwards, analyzed in six-month intervals.

    Damage claims typically constitute the majority of claims, accounting for 94% in the first half of the previous year.

    The report highlights an increasing proportion of comprehensive motor insurance policies, “which allow policyholders to make accidental damage claims.”

    “The rise in damage claim costs may be due to a higher prevalence of comprehensive policies and policyholders’ increased willingness to make damage claims in response to inflation and cost-of-living pressures.”

    Accidental damage claims totaled 22,000 in the first half of 2024, up from 17,432 in the preceding six months. The average claim cost was €5,561.

    Employers’ and public liability insurance

    The Central Bank also published its mid-year report for 2024 on employers’ liability and public liability insurance cases.

    Across these two areas, the total cost of settled claims for the six-month period amounted to €144 million, a 10% decrease from the previous six months, distributed across approximately 3,800 claims.

    Regarding injury claims settled for less than €150,000, the average total cost of settling directly with an insurer was €23,739, while settlements through the Injuries Resolution Board averaged €27,912. Both represent an 11% increase compared to 2023.

    For claims settled through litigation, the average settlement was €52,372, with legal expenses accounting for nearly half (€24,786) of the total.

    Across all channels, the average compensation cost for claims settled for less than €150,000 was 12% lower compared to 2020.

    Compensation payouts in this sector have been declining since the introduction of personal injury guidelines in 2021.

    Justice Minister Jim O’Callaghan is expected to propose to Cabinet a 17% increase in personal injury awards, following a recommendation from the Judicial Council.

    News Source : Irish Examiner

    414m Bank central claims hit Insurance Motor record
    LEN Editor
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