Oireachtas Insurance Report must be acted on without delay – Smith

Fianna Fáil TD for Cavan-Monaghan Brendan Smith says the recommendations of the Oireachtas report on motor insurance must be acted upon as a matter of urgency.

The Oireachtas Joint Committee on Finance, which was charged with investigating the spiralling costs of motor insurance, accused the insurance industry of “cartel-like” behaviour and it published 71 recommendations to make the process more transparent.

Deputy Smith commented, “The findings of this report will not come as any surprise to drivers in Cavan and Monaghan who are forking out extortionate amounts for car insurance premiums, which have been rising year on year.  For many it has become a major financial burden and source of increased anxiety and worry.  These increases not only impact personal customers, but small businesses have been pushed to breaking point as the cost of premiums for their fleets soar.  This is putting jobs and livelihoods at risk.

“This report is hard hitting and calls into question the behaviour of insurance companies over the last number of years.

“One of the recommendations is that the Central Bank should take a more hands-on role in regulating the insurance sector to ensure greater transparency.  It’s unfair that customers have been left in the dark over rising premiums and just expected to pay out.

“It is important that these recommendations are acted on without delay so that consumers are protected against these rip-off motor insurance costs.  I along with my party colleagues will continue to push for the speedy implementation of these measures so that drivers and businesses can finally avail of affordable insurance premiums”.