Insurance Ireland today welcomed the publication of the report by the Joint Oireachtas Committee on Finance and committed to working with the Committee and Minister Murphy’s Cost of Insurance Working Group to ensure that the issues in the Irish Motor Insurance market are resolved as a matter of urgency.
For the past 18 months Insurance Ireland has repeatedly called for action to be taken to address the spiralling cost of claims which has led to increases in motor premiums.
Kevin Thompson, Chief Executive of Insurance Ireland said: “Today’s report and the forthcoming recommendations from the Cost of Insurance Working Group should lead to the reforms necessary to address the high cost of claims and level of awards in the Irish market which has led to increased motor premiums. We share our customers’ frustrations at the increase in motor premiums and recognise the public concern that exists on the issue. Insurance Ireland want to work collaboratively with Government to take the necessary actions to bring stability to the sector.”
“Insurance Ireland is committed to, and is actively working on, transparency initiatives and data submissions to inform policy responses to the rising cost of claims. Insurance Ireland has provided approximately 50 responses to the Department of Finance and will continue to engage fully in this process.”
“Insurance Ireland notes some commentary made in relation to anti-competitive practices. Insurance Ireland would urge anyone who has such concerns to formally raise them with the appropriate authorities so that they can be comprehensively investigated.”