So where does your car insurance premium go? Hibernian says that, of an average £500 (€635) motor insurance premium, £293, or 59 per cent, typically goes on claim payments to customers and the public.
Legal fees normally account for £132 - or 26 per cent of the total - while £50 or 10 per cent goes to cover the insurance company's expenses. A further £50 is spent on costs such as paying brokers to secure the business.
This leaves an underwriting loss of £25, but once investment income of £50 on the original premium is taken into account, the insurance company typically makes a profit of £25 - or 5 per cent of the total.
Hibernian believes issues such as the high cost of claims in the Republic and the level of legal fees need to be addressed if insurance premiums are to come down.
It is calling on the Government to address the impact of court awards on insurance costs and also to look at the issue of legal fees. It wants a fixed legal fee scale, the abolition of VAT on legal fees and the transfer of responsibility for legal remuneration and regulations to an independent body.
It also believes the Government should invest in flood defence and deliver key points of the road safety strategy, including the penalty points system and more speed cameras.
However, it admits that the insurance industry needs to wake up and provide more creative solutions for its customers.
Hibernian, which already runs a driver training scheme for young motorists, says it will introduce options such as lower premiums for those prepared to take on a higher level of self-insurance and premiums based on car usage.
