That's despite the cost of claims falling by 9%
But a new Central Bank report shows the average premium has fallen in the last year to €676.
It's also revealed the average compensation for motor insurance injury claims through litigation was €46,000 between 2015 and 2019.
Mark Cassidy from the Central Bank says there's a big disparity between the level of premiums and the claim costs:
"The average figure last year was still around 55% higher than in 2013. On the other hand, the costs paid out by insurance companies have been more stable over that period. On the one hand, costs per insurance claim have increased rapidly but this has been off-set by a large reduction in the number or the frequency of claims in recent years, and overall therefore, profitability has been on an increasing trend."
