Reduction in Motor Insurance Costs Welcomed – but battle not over says O’Rourke.

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Local Fianna Fail TD, Frank O’Rourke, has welcomed the reduction in motor insurance costs by 14% over the last 12 months. However, the campaign to reduce the cost of motor insurance must continue as costs have increased by over 70% in the last three years.

“The latest Central Statistics Office figures show that the cost of motor insurance has reduced by 14% in the last 12 months. This is welcome news but we must keep the campaign in place to reduce premiums further as the reduction is only a fraction of the increase that has taken place in recent years.”

“Since being elected last year, I have campaigned to have the cost of motor insurance reduced. In the Dail, I called for the Competition Authority to investigate the activities of insurance companies and also to have a quarterly review of the implementation of the Oireachtas Action Plan to reduce Motor Insurance. I have also called for increased competition in the sector.”

“The latest Central Statistics Office figures are published just a month after European Commission competition carried out dawn raids on insurers, brokers and Insurance Ireland. The latest figures now show the biggest annual drop in motor insurance costs since the insurance crisis hit, months after the dawn raid.”

“Officials from the EU’s Competitive Directorate are investigating the possibility that an insurance cartel is operating within the Irish motor insurance industry. The Government is publishing regularly the progress on the implementation of the action plan on motor insurance. However, a 70% rise in motor insurance over the last three years was unacceptable and action was needed. For the first time in a number of years, we are seeing a small first step in the right direction, but we must continue to campaign for more reductions ” stated Deputy O’Rourke.

“The battle is not over yet. Irish Motorists are paying too much for their motor insurance. We must continue with our campaign. The Government needs to get their priorities right and urgently work to complete all the recommendations from the working group on Motor Insurance.”

“The message must go out to all that we are determined to get fairer motor insurance premiums for Irish motorists. Many Kildare motorists have made contact with me over the last 18 months in relation to their rising costs and I am determined to keep a focus on this important issue for Kildare motorists,” concluded Deputy O’Rourke.

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