Local Fianna Fail TD, Frank O’Rourke, has pledged to keep the high cost of insurance on top of his party’s agenda.
“Since getting elected, I have consistently raised the unacceptable high cost of insurance in Ireland. I have worked with our party’s Finance spokesperson Michael McGrath to keep it on the agenda over the last number of years.”
“Our party’s manifesto is now calling for increased penalties for fraudulent insurance claims. We also believe that those who make fraudulent claims should pay the legal expenses for defendants.”
“If in Government after the election, we will immediately call a crisis summit to address the high cost of insurance. We will introduce legislation to cap payouts, establish a Judicial Council to provide guidance on personal injury claims, regulate claims management companies and establish a publicly-funded Garda fraud unit.”
“The Government has not allocated enough focus or attention to address the high cost of insurance. Last month’s Central Bank report showed, that the cost of motor insurance claims fell by 2.5 per cent in the last decade, while premiums rose by 42 per cent. This report found that insurers made an average profit of 9 per cent last year, so the insurance companies are not suffering.”
“The rising cost of insurance has forced the closure of some businesses and threatened the viability of others, particularly in the childcare, hospitality and leisure sectors, while also hurting consumers in their pockets. Motor Insurance is unacceptably too high. I will continue to raise this issue until we get it addressed.” Concluded Deputy O’Rourke.