Local Fianna Fáil TD, Frank O’Rourke, says that the recommendations of the Oireachtas Report on Motor Insurance should be acted on as a matter of urgency. Mr O’Rourke was speaking after reviewing the Oireachtas Report on Motor Insurance with Fianna Fail’s Spokesperson on Finance, Michael McGrath.
‘The Oireachtas Joint Committee on Finance, which was charged with investigating the spiralling costs of motor insurance, has published 71 recommendations to make the motor insurance process more transparent. The committee, in its report, also accused the insurance industry of cartel like behaviour.’
‘I’ve been contacted by many people in recent months at my clinics who are experiencing unprecedented rise in motor insurance costs. I know from my weekly clinics that the cost of motor insurance is placing an increasing financial burden on families and individuals,’ stated Deputy O’Rourke.
‘As I said again recently in the Dail, there is little point in reducing Universal Social Charge (USC), if motor insurance premiums go up by a multiple of the reduction in USC. It is no wonder that many people are looking for increased wages.’
‘Up to July 2016, motor insurance costs had increased by 38% year-on-year. Even more startling, the CSO figures over a three year cycle showed increases in the order of 70%.’
“This is a hard hitting report and I sense that Minister of State Murphy is committed to its implementation. The report calls into question the behaviour of insurance companies over the last number of years.
“In addition, the report calls on the Central Bank to 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 consumers are at the centre of this debate. It is important that the Oireachtas protect the consumers against these rip-off motor insurance costs. I will continue to push for the speedy implementation of these measures in the report so that drivers and businesses can finally avail of affordable insurance premiums,” concluded Deputy O’Rourke.