Local Fianna Fáil TD and Deputy Finance Spokesperson, Frank O’Rourke, has said that the Government needs to move quickly and deal with the insurance industry as the upward pressure on the cost of living and cost of doing business in this country is unsustainable.
“Insurance costs in Ireland remain stubbornly high. The average annual cost of motor insurance now stands at €750 compared with €450 in 2014, an increase of nearly 70%. Any reduction in the USC is being taken up by increase costs, such as motor insurance.”
“The Government must give greater priority to reducing the cost of insurance. My concern is that the elevated motor insurance costs, that we now have, will become the norm. Since being elected, I have persistently raised the unacceptable rise in the cost of motor insurance. I pressed the Government to partner with other EU countries to fight the rising costs, and to-date we have received a deafening silence. I called for the Action Plan on Motor Insurance to be implemented.”
“For instance, a mechanism to set up an anti-fraud unit within An Garda Síochána was to be approved by the third quarter of 2017, this has yet to be achieved and no solid timeline has been put in place for the approval of such a mechanism, much less the establishment of a unit.”
“The Government should back Fianna Fail’s Bill, the Civil Liability and Courts (Amendment) Bill 2018, which seeks to make people think twice about making fraudulent insurance claims which have been shown to lead to increased insurance premiums for all consumers.”
“Citizens are seeing their wages being put under more and more pressure, and businesses are seeing their cost of doing business grow. This cannot continue. We need businesses to be competitive and we need our people to have more disposable income to spend in the local economy, rather than giving it to the insurance companies,” concluded Deputy O’Rourke.