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Premiums to Fall?

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Just announced in this mornings paper. Hibernian are pushing the boat out again by saying that insurance premiums for motor policies are set to fall soon. I say not good enough. In one breath they issue hope inspiring comments and with the other they announce their operating profits of Eur 224M for the last year which, incorporates an 18% rise on the previous year. Insurance should not be this profitable, it should not be controlled by the private sector (or at least 3rd party should not be controlled by the private companies, if people want to insure against other risks then so be it). They praise the penalty points system, the “Ignition” driver scheme (look mammy I passed my driving test twice) and the establishment of the PIAB (hmm have they actually started working yet?) Anyway, nothing annoys me more than listening to insurance companies issue such grossly offensive nonsense in order to create new business and give shareholders a calming sentiment that the Eur 4M drop in income is attributed to a drop-off in new business. Insurance companies who make constant profit should always experience an annual drop in income, after all isn’t the profit a reflection of no claims and as such a benefit that should be passed onto the consumer? Living in an ideal world and all that… source: Irish Times Article

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