Latest news with #DaraghCassidy
Irish Independent
5 days ago
- Health
- Irish Independent
Smokers and vapers paying almost double the price non-smokers pay for life insurance and mortgage cover
Quitting smoking and vaping could save individuals and couples tens of thousands of euro over the lifetime of a mortgage protection, life insurance, and specified illness policy. Vapers are also being warned about the financial consequences of their habit, according to new research from price-comparison site and brokerage firm The research also shows the importance of shopping around, even for non-smokers. Ahead of World No Tobacco Day tomorrow, smokers are being encouraged to quit: not just for their health, but for their wallets too. The research showing that the cost of life insurance is almost double for smokers was carried out this month by comparing prices for smokers and non-smokers from the country's five leading life insurers: Aviva, Irish Life, New Ireland, Royal London Ireland, and Zurich Life. As well as being a price-comparison and switching website, is a broker for both life insurance and mortgages. Smokers would pay at least €192, a difference of almost €33,000 over the term When it comes to mortgage protection insurance, a 38-year-old couple could pay as little as €35.60 a month for €300,000 in cover over 30 years if they are both non-smokers. But if both are smokers, the cost jumps to €70. Bonkers said this is an increase of almost 97pc, or nearly €12,500, over the life of the policy. Mortgage protection cover is a legal requirement for anyone taking out a mortgage in Ireland. Adding €100,000 in specified illness cover to the same policy would cost €101 a month for non-smokers. But smokers would pay at least €192, a difference of almost €33,000 over the term. ADVERTISEMENT The gap is even wider for life cover. Life cover pays out a tax-free lump sum if one of the insured dies during the term of the policy and is considered an essential part of financial planning for families. A non-smoking couple could secure €300,000 in cover over 30 years for around €51 a month, while smokers would pay at least €104. This is a difference of almost 103pc, or almost €19,000 over the lifetime of the policy. And for a standalone specified illness policy, worth €150,000 over 30 years, non-smokers would pay €195.87 a month. Smokers would be charged €333.44 – almost €50,000 extra over the full term. While smoking has declined in recent decades, about 16pc of people aged 15 and over in Ireland still smoke either daily or occasionally, according to Census 2022. However, many more vape. Daragh Cassidy of said vapers, even if they have never smoked in their life, will still be treated as smokers by life insurers. World No Tobacco Day is on May 31 every year. It is an awareness day created by the World Health Organisation (WHO) to highlight the health risks associated with tobacco use. Mr Cassidy said: 'Quitting smoking really is good for your pocket as well as your health. It's not just the cost of cigarettes that you'll save on. As our research shows, the price you pay as a smoker for important life insurance products such as mortgage protection, term insurance, specified illness cover and income protection is often close to double what a non-smoker would pay. 'This means kicking the habit can save you tens of thousands of euro over the lifetime of these products.'
Irish Independent
14-05-2025
- Business
- Irish Independent
Mortgage rates fall again but so does interest on savings
There are hopes that mortgage rates will fall further as the European Central Bank is expected to cut its rates for the eighth time next month. That has led to predictions that home-loan borrowing rates could keep falling, and hit 3pc by the end of the year. Figures from the Central Bank show the average mortgage rate fell slightly to 3.77pc, down from 3.79pc in February. This left Ireland with the sixth highest rates in the Eurozone. An improvement of one place from the previous month. The Eurozone average rate remained unchanged in March at 3.33pc. Statistics from across the Eurozone show that home-loan borrowing rates continue to vary hugely across the currency bloc. They are as low as 1.81pc in Malta to as high as 4.38pc in Latvia. Central Bank of Ireland statistics also show that the average interest rate on household deposits fell in March. Deposits with a fixed maturity fell from 2.33pc in February to 2.26pc the following month as recent European Central Bank (ECB) rate cuts put pressure on savings and deposit rates. Irish households held €162bn in deposit accounts as of March 2025. About 86 per cent of this was held in current or overnight accounts – down from a peak of 94 per cent in late 2022. Spanish owned Avant Money, owned by Bankinter, now has a banking licence in this market and is expected to launch deposit products soon in what could be a boost to competition. And Goldman Sachs is reported to be in talks with the Central Bank about launching is digital bank Marcus in Ireland. Daragh Cassidy, head of communications, at mortgage broker said mortgage rates are likely to continue to fall. "Mortgage rates are now at their lowest level in almost two years and should continue to ease a bit more over the rest of the year. He said that in the past few weeks we have seen rate reductions from AIB and also smaller lenders like Núa Money. 'And if the ECB cuts rates once or twice more later this year, as is still expected, we should see some further mortgage rate reductions.' Hopes of a new ECB rate cut on June 5 were thrown into doubt when ECB governing council member Isabel Schnabel questioned the need for a new cut. But most economists expect the ECB to reduce rates as the central bank's inflation target is coming into view. Mr Cassidy said: 'The lowest rate in the market is currently 3pc with AIB and PTSB, albeit with caveats. 'But we could see a rate slightly under 3pc on offer by the end of the year for mortgage customers with big housing deposits.' He said the sub-2pc rates we saw as recently as 2022 do not look like returning any time soon. 'This is particularly relevant for some of those coming off fixed rates in the next year or so. As despite the overall decline in rates, some may still be facing higher repayments than what they've been used to,' he said. Mr Cassidy said the latest figures also show a small drop in the average fixed deposit rate, which he said was unsurprising. He said this rate is likely to fall a lot more over the coming months. By the end of the year the best savings rate on offer may be just 1.5pc or even less, he said.
Extra.ie
06-05-2025
- Business
- Extra.ie
Irish households now paying the third highest electricity prices in Europe
Irish households are paying the third highest electricity prices in Europe, a new study has found. A recent report from Eurostat showed Irish customers are paying approximately 30% more per year than the average EU home. This means that customers are, on average, paying around €347 more per year for their electricity. According to the study, only those in Germany and Denmark are paying more. Irish households are paying the third highest electricity prices in Europe, a new study has found. Prices are also much higher in Ireland than those in non-EU countries such as Iceland and Norway. Estimated bills in Ireland remain 61% higher for electricity and 90% higher for gas, a stark contrast to pre-2020 energy price hikes, following the invasion of Ukraine by Russia. Daragh Cassidy, of price comparison site said Irish households have been paying electricity prices well above the EU average for some time now. A recent report from Eurostat showed Irish customers are paying approximately 30% more per year than the average EU home. 'So these latest figures from Eurostat aren't surprising, unfortunately,' he began. 'We've a relatively small and dispersed population with too much one-off housing so the costs for the upkeep of our electricity network are very high on a per capita basis,' he added. Sharing the further issues facing Irish grids, he referenced the rapid growth of the population in recent years as well as the increase in the number of data centres. This comes to around €347 more per year for electricity, according to the study, placing behind Germany and Denmark. Pic: Shutterstock 'This is putting pressure on the grid. And in recent years, we've had to procure high cost, high emission, emergency gas generation to plug the gap between electricity demand and supply,' Cassidy explained. Ireland's relatively isolated location also adds to the price issue, meaning Ireland can't import a huge amount of cheaper electricity from abroad. 'Though the interconnector we're building with France will hopefully improve things when it comes online in 2027 as it will allow us to tap into generally cheaper French electricity,' the expert added.
Irish Times
06-05-2025
- Business
- Irish Times
Higher price energy costing Irish consumers almost €500 more than EU average each year
Irish consumers pay almost 30 per cent more than the EU average for electricity while the cost of domestic gas is almost 10 per cent higher with the cumulative impact costing Irish households close to €500 a year, new figures suggest. According to the data from Eurostat, the EU's statistical agency, electricity prices in Ireland are the third most expensive in the EU and almost 30 per cent above the average, with only Germans and Danes paying more to heat and light their homes. The net price of electricity before VAT and other taxes are applied sees Ireland leapfrog those two countries because the VAT rate here currently stands at 9 per cent compared to the rate of around 20 per cent which is attached to electricity in other EU countries. The impact of the higher prices means Irish households are paying around €350 more per year for their electricity compared to other EU countries. READ MORE Gas prices are also elevated although not to the same extent, the Eurostat figures show. Ireland is the sixth most expensive country in the EU for domestic gas with prices nearly 10 per cent above the EU average. The financial impact of that sees Irish households paying around €125 more per year for their gas compared to other EU countries. 'Irish households have been paying electricity prices that are well above the EU average for years so these latest figures from Eurostat aren't surprising unfortunately,' said Daragh Cassidy of price comparison and switching website He described the reasons for the higher prices as 'complex' and pointed to a 'relatively small and dispersed population with too much one-off housing.' He said the 'costs for the upkeep of our electricity network are very high on a per capita basis [and the] rapid growth of the population and the increase in the number of data centres in recent years also hasn't helped. This is putting pressure on the grid.' He noted that in recent years Ireland has had to procure high cost, high emission, emergency gas generation to plug the gap between electricity demand and supply. 'Many of our power plants are also older and smaller than those in other countries so we don't benefit from efficiencies and economies of scale as much,' Mr Cassidy continued. 'We also have a weakly connected grid. We're quite isolated so we can't import a huge amount of cheaper electricity from abroad. Though the interconnector we're building with France will hopefully improve things when it comes online in 2027 as it will allow us to tap into generally cheaper French electricity.' He downplayed the impact of an increased supply of wind generated power on prices at least in the short to medium term. 'Wind is far cleaner for the environment and will help us meet our climate change targets and avoid hefty EU fines which is positive. But the price we're paying most wind farms for the electricity they generate is around €90 to €100 per MWh, which is not far off the prices we're already paying now.' He reminded households that there were still easy ways to save money. 'Anyone who switches electricity provider could get a discounted rate as low as 24 or 25c per kWh for a year. This would put prices on a par with those in Spain and be below the EU average. It's similar for gas. And if you have a smart meter that you have activated – see if you can move your electricity use to times when it's less expensive.'
The Journal
06-05-2025
- Business
- The Journal
Irish households pay 30% more for electricity than the average European
IRISH HOUSEHOLDS ARE currently paying the third-highest costs in Europe for electricity. A recent Eurostat study found that Irish household customers are paying approximately 30% more (around €347 more) per year for electricity than the average EU home. For electricity costs, Germany is the costliest, followed by Denmark and then Ireland, according to Eurostat data. Prices are also much higher in Ireland than those in non-EU countries such as Iceland and Norway. Estimated annual bills in Ireland remain 61% higher for electricity and 90% higher for gas than they were before the steep rise in energy prices that began in December 2020. According to comparison site Selectra , the average annual electricity cost for Irish homeowners is €1,556. Gas prices in Ireland are also elevated, ranking as the sixth highest in the EU, at nearly 10% above the EU average. Advertisement This means Irish households are paying around €125 more per year for their gas compared to other EU countries. Daragh Cassidy, Head of Communications for said that the latest figures 'aren't surprising'. 'We've a relatively small and dispersed population with too much one-off housing so the costs for the upkeep of our electricity network are very high on a per capita basis,' Cassidy said. He added that the rapid growth of the population here and the increase in the number of data centres in recent years also 'hasn't helped'. According to the latest CSO data, data centres consume over a fifth (21%) of all electricity in Ireland. 'This is putting pressure on the grid. And in recent years we've had to procure high cost, high emission, emergency gas generation to plug the gap between electricity demand and supply,' Cassidy explained. Ireland also has a 'weakly connected grid', according to Cassidy, who said that the country is 'quite isolated' – meaning that Ireland can't import a huge amount of cheaper electricity from abroad. 'Though the interconnector we're building with France will hopefully improve things when it comes online in 2027 as it will allow us to tap into generally cheaper French electricity,' Cassidy said. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
