A survey has found that most Irish insurance companies reduced motor premiums this year, in most cases by up to 10%.
The survey for the Deloitte motor insurance seminar found that more than 80% of Irish motor insurance companies said they reduced premiums in 2007.
It found that less than 10% of respondents said premiums had increased.
The survey was completed by representatives of all levels from 90% of motor insurance companies in Ireland and found that opinions on the outlook for premiums next year are mixed.
Over 40% of respondents believed that premiums would increase by 0-10%.
However, an additional 40% also predicted that premiums would decrease by 0-10%.
Glenn Gillard, of Deloitte said: 'We believe that motor insurance companies will come under pressure to decrease premiums - as the general public become more sympathetic with road safety measures and the PIAB continues to have a positive impact on compensation culture, there will be very little justification for increased premiums'.
'This will ultimately affect profitability - the recent years of exceptional profits may well be over', he said.
Analysis of the Insurance Statistical Review 2006 and returns made to the Financial Regulator show lower profitability for motor insurance companies in the 2006 accident year.
