Local Fianna Fáil TD and the party’s Deputy Finance Spokesperson, Frank O’Rourke, has called on the Government to implement the series of recommendations from the Oireachtas Joint Committee on Finance on Motor Insurance, and have a quarterly review of the progress on their implementation, to tackle spiraling motor insurance premiums.
“The Government has made a commitment that the 33 recommendations in the report, made by Oireachtas Joint Committee on Finance on Motor Insurance Premiums, are to be implemented by the Government. However, regular progress reports on their implementation are vital.”
“Fianna Fáil has long been calling for the government to act on the rising cost of motor insurance. In 2014 Motor Insurance increased by an annual rate of 11.6% while in 2015 it rose by 30.8%. In the 12 months to August 2016 Motor Insurance increased by 28%.
“These increases are un-sustainable. Exorbitant insurance costs are putting pressure on household budgets, are costing jobs and putting pressure on for wage increases. As I said in the Dail debate on this matter, there is little point in reducing universal social charge (USC), if motor insurance premiums go up by a multiple of the reduction in USC and it is no wonder that wage increase demands are now a regular item on our news ” stated Deputy O’Rourke.
“Last Monday at my clinic, the cost of motor insurance was raised with me again. These costs are placing an increasing financial burden on our families and individuals. This is simply unfair and the increased motor insurance premiums are taking money out of the local economy, at a time when we need it most,” stated Deputy O’Rourke, who previously has suggested opening up the insurance market to encourage more competition in the market and bundling our collective bargaining power to attract better premiums.
“We need the Dail and the Government to focus more on reducing the motor insurance premiums. The timeline being reported regarding the implementation of the committee’s proposals is too long, and we need to ensure that the recommendations are implemented without delay,’ concluded Deputy O’Rourke.










