AXA To Raise Irish Auto Rates

AXA subsidiary, AXA Ireland, which was formerly a part of the Guardian Royal Exchange Group, acquired by AXA’s Sun Life and Provincial Holdings last year, announced a 5 percent rise in premiums on Irish automobile policies.

Blaming “bad claims experience,” managing director John O’Neill stated that increases of between 7 and 11 percent would probably be needed to maintain profit levels. AXA Ireland estimates that it pays out between IR£92 and IR£93 in claims out of every IR£100 it receives in premiums ($112-$113 out of $122).

The recent economic boom in Ireland, means more and bigger cars are traveling the sinuous Irish roads driving at higher speeds, and often without using seat belts. O’Neill urged the government to take such measures as introducing a licensing points system to address the problem.