Insurance companies are private companies. Neither my Department nor the Central Bank of Ireland has the power to direct insurance companies on the pricing of insurance products. The EU framework for insurance expressly prohibits Member States from adopting rules which require prior approval of the pricing or terms and conditions of insurance products. The provision of insurance cover and the price at which it is offered are commercial matters for insurance companies and are based on an assessment of the risks they are willing to accept and adequate provisioning to meet those risks. These are considered by insurance companies on a case by case basis.
Consideration is given to the age of the driver, the type of car, the claims record, driving experience, the number of drivers, how the car is used, etc. Insurers do not all use the same combination of rating factors, prices vary across the market and consumers are free to choose. Insurance companies price in accordance with their own past claims experience, for example, where the age of a car is a factor, different insurance companies would use different age thresholds. The Cost of Insurance Working Group is looking at the circumstances behind the cost of motor insurance and how to improve the situation, but will still not be able to directly affect the actual costs of motor insurance. A copy of the Cost of Insurance Working Group Report and subsequent updates can be found here:
Insurance Ireland operates a free insurance information service for those who have queries, complaints or difficulties in relation to obtaining insurance. All calls regarding refusal to quote, or quotations that are so excessive as to be in effect a refusal, should be directed to Insurance Ireland by phone at (01) 676 1820, by email at firstname.lastname@example.org u or by post at 5 Harbourmaster Place, IFSC, Dublin 1 quoting the Declined Cases Agreement.