Insurance costs to ease this year, report says

The spiralling cost of insurance should ease this year according to insurance group Coyle Hamilton's outlook for 2003.

Coyle Hamilton says insurance costs show signs of stabilising and 2003 should see the end of many double-digit increases.

The group said despite facing increases of 40 and 50 per cent last year, many customers are still paying less than the did in the mid-90s in real terms.

The report said one of the biggest factors facing motor premiums is the problem of uninsured drivers. The report estimates these drivers account for between 4 per cent and ten per cent of the driving population.

"On average, this amounts to more than €100 per insured driver," it says.