Insurance coverage firms noticed earnings leap of their motor enterprise final 12 months, based on a report from the central financial institution.

The report on non-public automobile insurance coverage discovered that the worth of the typical automobile premium has additionally fallen.

The central financial institution report makes use of knowledge from the Nationwide Claims Data Database.

The typical claims prices per coverage fell sharply between 2019 and 2020.

The report mentioned that this was “primarily pushed by diminished driving exercise attributable to restrictions associated to COVID-19. The results could be seen in each the declare frequency and the typical price per incident in 2020”.

On a quarterly foundation, as of the 4th quarter of 2020, the typical insurance coverage premium has decreased by 16% since its peak within the 4th quarter of 2017.

The report discovered that the business’s profitability was 163 million euros final 12 months. There was a revenue margin of 12% versus a mean margin of three% over the previous decade.

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