THE pressure is now off for any further increases in motor insurance rates, according to Hibernian chief executive, Mr Adrian Daly.
Speaking at the group's annual general meeting in Dublin yesterday, Mr Daly said there had been a drop in the cost of claims against the company in the first quarter of 1997, which should help to keep the cost of insurance down for motorists.
"The rate of claims has moderated quite considerably over the past three months so the pressure is off for the moment. And while three months doesn't make a trend, we're not expecting any general increase in rates this year," he said.
Earlier this week, the State's biggest motor insurance company, Guardian PMPA, indicated that it did not foresee the need to put its rates up for the moment, despite having earlier signalled possible increases of around 5 per cent.
Addressing shareholders, Hibernian's outgoing chairman, Mr Edmund Williams, urged that more resources should be provided to reduce the number of deaths and injuries on the roads.
If resources, such as those applied during the Christmas season, were in place throughout the year, Mr Williams said he firmly believed more people would live and fewer would have to suffer.
Mr Williams retired from Hibernian yesterday and Mr Jim Culliton took over as chairman of the group.
Answering shareholders' questions, Mr Daly said the group was actively looking for a suitable acquisition, particularly in the life or pensions area. However, he said Hibernian was not in discussion with any financial institution.
