May 14, 2024
Entry of OUTsurance to the insurance market must lead to lower prices for consumers – Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has welcomed the entry of OUTsurance to the Irish home and car insurance market.

The Donegal TD said that while the insurers entry into the market should increase competition, insurance companies are not doing enough to reduce insurance costs for consumers.

Speaking today, the Donegal TD said:

“The arrival of OUTsurance to the insurance market is welcome news for consumers.

“Consumers continue to pay high prices for insurance cover as the industry bolsters its profit margins.

“The entry of OUTsurance should provide greater competition in our insurance market which should, in theory, result in greater access to and lower prices for insurance cover.

“However, we have seen over recent years how the insurance industry has ripped off consumers with high prices despite a swathe of reforms that have reduced their costs and increased their profit margins.

“The Personal Injuries Guidelines have reduced the cost of claims by up to 41 percent across certain channels, with the number of claims and cost of claims per policy having fallen in recent years in the car insurance market.

“Despite this, insurance costs remain high, while the industry records the highest levels of profit for more than twentyyears.

“This industry continues to record profits, pocketing the savings it has enjoyed as a result of recent reforms instead of passing them on fully to consumers.

“My legislation, the Judicial Council (Amendment) Bill in 2021 that would require the insurance industry to report to the Central Bank detailing how it has or hasn’t passed on these savings to customers – euro for euro.

“This would allow the Dáil to hold the industry to account and apply downward pressure on prices.

“The entry of OUTsurance is a welcome development in the insurance market.

“Insurance companies must respond to this increased competition by putting consumers first and reducing prices.”

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