15th June 2020 - Insurance Ireland has welcomed the commitment to insurance reform in the proposed Programme for Government by Fianna Fáil, Fine Gael and the Green Party, which it says will give a renewed focus to reducing the cost of claims in the market.
Moyagh Murdock, Chief Executive of Insurance Ireland said:
“The commitment to establish a Cabinet sub-committee to deal urgently with insurance reform is very welcome and we look forward to working with everyone involved to expedite the changes required in the best interests of policyholders. In recent years, we have seen the benefits of a Ministerial sub-committee dealing effectively with the vitally important issue of Road Safety. Such an approach ensures a strong focus and a cross-departmental collaboration in dealing with the key issues. Addressing the cost of insurance in Ireland is vitally important, and we welcome the commitment in the new Programme for Government to put a renewed focus on insurance reforms.
“We also welcome the commitment to tackle insurance fraud. While the vast majority of claims are genuine, the reality is that the high levels of compensation awards is an incentive for fraudulent activity. Unfortunately, the cost of fraudulent and exaggerated claims ultimately penalises genuine customers”
“The recognition of the Personal Injuries Guidelines Committee under the Judicial Council to provide guidance on personal injury claims in the Programme for Government is also important, as it will be vital in supporting the delivery of change. ”