Motor insurance premiums in Ireland are continuing to fall, offering welcome relief for drivers facing high household costs. In the latest update from gov.ie, the Department of Finance said new CSO figures for June 2026 show motor insurance prices have now dropped for the ninth month in a row.
The announcement was welcomed by Minister of State Robert Troy, who said the Government’s insurance reform measures introduced in 2025 are beginning to show clear results. According to the latest data from the CSO, motor insurance premiums are down 3.3% compared with the same period last year and sit 36.3% below their peak level recorded in July 2016.
gov.ie update shows motor insurance premiums falling again
The latest figures will be seen as an important sign that the wider reform programme led by the Department of Finance is taking effect. The Government had raised concerns when premiums began edging upward again after earlier progress, prompting a fresh Action Plan on Insurance Reform in July 2025.
That plan aimed to improve:
- Affordability for consumers
- Transparency in insurance pricing
- Competition across the market
- Consumer protection and confidence
- Legal and claims-related reforms
Minister Troy said while the downward trend is encouraging, more work remains, particularly around legal fees and personal injury awards. Those issues continue to be examined by the Cabinet subgroup on insurance reform.
What the new transparency code means for drivers
One of the biggest changes now approaching is the new Motor Insurance Transparency Code, which is expected to affect more than 2 million motor insurance policies in the coming months. Backed by the Department of Finance and the Central Bank, the code is designed to give consumers a much clearer explanation of how insurers calculate premiums.
Under the new system, customers will begin receiving:
- A Premium Summary Statement at quote and renewal stage
- An Annual Market Overview Statement explaining broader pricing trends
- Clearer information on claims costs, legal expenses and market pressures
- Guidance on how driving behaviour and risk profile may influence premiums
This move is expected to improve transparency and help motorists make more informed decisions when shopping around for cover.
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Department of Finance and CSO data point to reform impact
Tánaiste and Minister for Finance Simon Harris described the latest figures as positive news for motorists and said the Government’s programme is starting to deliver tangible benefits. He also said the new code should strengthen consumer confidence by showing exactly what is shaping premium levels.
The reform process has involved input from multiple stakeholders, including the Department of Finance, the Central Bank, insurers and intermediaries. While agencies such as the Revenue Commissioners, the Competition and Consumer Protection Commission (CCPC), and the CSO all play different roles in the broader public policy landscape, the insurance pricing issue remains a major consumer concern tracked closely across Ireland.
The Action Plan for Insurance Reform 2025–2029 includes 26 separate actions and focuses on six main themes, including transparency, fraud prevention, innovation, legal reform and climate protection gaps. The transparency code is considered one of its top priority measures.
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What happens next
Implementation of the code is being phased in, with consumers expected to start seeing the new documentation from Q3 2026. A formal review is due within 18 months, and the Central Bank will report to the Minister for Finance on compliance and impact.
For drivers, the key takeaway is clear: the latest gov.ie figures suggest motor insurance premiums are moving in the right direction, and upcoming transparency measures may make pricing easier to understand than ever before.
Conclusion
The newest gov.ie update marks another positive step for Irish motorists, with motor insurance premiums now falling for nine consecutive months. If reforms continue to hold and the transparency code is rolled out effectively, drivers could benefit not only from lower costs but also from a much clearer view of how their premiums are set.
Article/Image Courtesy: gov.ie
