Irish Financial Services Regulatory Authority - Northern Ireland Car Insurance Regulation

It is important that as a result of featuring a select number of car insurance providers for residents of Northern Ireland, that we provide visitors with a review of the regulatory body relevant to those insurers, intermediaries and brokers operating in N.I.

The Irish Financial Services Regulatory Authority (IFSRA) has a mandate to protect consumers by helping them to make informed financial decisions in a safe and fair market, with sound financial institutions. In relation to the current HomeApproved web site, the Motor insurance organisation's which come under the umbrella of the IFSRA include Auto Line, Britton and Quinn Direct.

The IFSRA web site is clearly laid out to inform and educate consumers, helping them to ask the right questions and to demand fair and professional service. You will find detailed information, with all the latest relevant regulatory and legislative issues. Also, check the section which publishes warning notices naming firms, operating without the appropriate authorisation and read reports and reviews relevant to car insurance trends in Northern Ireland. See below:

Motor Insurance Statistical Report Shows Increase in Accident Frequency in 2004 (published: Wednesday, 20th December 2006)
The Financial Regulator recently published its Private Motor Insurance Statistics for 2004. The primary objective of the report is to examine the level of accident frequency and costs, and their impact on premiums paid by different categories of drivers. This is the third such report and is based on policy, premium and claims data for 2004 submitted by the Irish Insurance Federation (IIF) to the Financial Regulator. The report shows:

1. Accident frequency in 2004 grew for the first time since 1997, increasing by 7% for comprehensive cover.
2. Accident frequency for third party fire and theft cover grew for the first time since 1999, by 13%.
3. The motor insurance market grew by 81% to almost 1.5 million policies between 1997 and 2004.
4. 2004 saw a significant change in premium trends. Average premiums fell by 18% for comprehensive cover and by 16% for third party fire and theft cover. This followed a period of rapidly rising premiums, which grew by 45% for comprehensive cover and by 70% for third party fire and theft cover between 1997 and 2003.
5. 2004 also saw growth in average claim costs for the first time since 1997, with a 6% increase in costs for comprehensive cover and 10% for third party fire and theft cover.
6. 70% of policies in 2004 were for comprehensive cover compared with 55% in 1997.
7. Third party fire and theft policies accounted for 28% of the market compared with 38% in 1997. Third party fire and theft policies as a proportion of the market declined from 1997 to 2002. There has been a small increase in market share since 2002, due to the number of young drivers getting this type of insurance.

See also the Financial Regulator’s web site at www.financialregulator.ie .