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Car insurance premiums to rise?

Should we be expecting an increase in the cost of car insurance in the near future? Based on this article in the Irish Times today (sub required) it’s likely that we should expect some increase.

According to the article, “Profits in the Republic’s motor insurance market plummeted by 38 per cent in 2006 … due to a sharp increase in the cost of claims …. incurred by insurance companies (which) jumped €117 million to €1.037 billion.”

I suppose the insurance companies are unlikely to absorb these costs themselves and are more likely to pass the costs on to their customers.

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