Official figures show motor insurance premiums fell by 3% over last nine months

Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy has welcomed the latest CSO data for June 2026 which state that motor insurance premiums have decreased for the ninth successive month.

Minister Troy said the latest set of insurance reforms, which he launched in July 2025, had an almost immediate impact. Motor insurance premiums have been gradually decreasing since October 2025 and are down 3.3% year on year. They are now 36.3% lower than their peak in July of 2016.

Consumers are set for a further boost in the coming months when over two million policies will be subject to the new Motor Insurance Transparency Code, he said. The code, formally announced earlier this year, will see insurance companies commit to providing consumers with more detailed information about what makes up their premium.

The code will, for the first time in Ireland, show consumers the breakdown of their premium as well as wider market trends like the cost of claims and legal costs.

Consumers are expected to begin receiving their Premium Summary Statement and Market Overview Statement in quotation and renewal from Q3 2026.

Commenting on the newly released data, Minister Troy said: “It is clear that Government reforms introduced last year have started to take effect almost immediately. Significant work had been done over many years to reduce premiums from their July 2016 peak. Unfortunately, we recognised that premiums were beginning to rise again and those gains were being eroded. We took action with the launch of the Action Plan on Insurance Reform in July last year, and the CSO data showing a ninth consecutive monthly decrease signals that our measures are working.

There is more to do, particularly in terms of legal fees and personal injuries awards, but they are a key focus of the Cabinet Subgroup on Insurance Reform and I expect to see further progress on both during the remainder of 2026.”

Tánaiste and Minister for Finance, Simon Harris, stated: “Today’s figures are encouraging news for motorists and are a clear indication that the Government’s programme of insurance reform is beginning to deliver tangible benefits. I want to acknowledge the leadership of Minister Robert Troy in driving this work forward and ensuring that insurance reform remains a priority.

"The new Motor Insurance Transparency Code is another important milestone. By giving consumers clearer information about how their premiums are calculated and the factors influencing costs, we are improving transparency, strengthening consumer confidence and helping people make more informed decisions.”