Sinn Féin spokesperson on Enterprise, Trade  and Employment Louise O’Reilly TD said everything possible must be done to ensure inflation does not push up insurance premiums after representatives from the insurance industry told an Oireachtas Committee this morning that premiums would not be immune from the impact of inflation.

Teachta O’Reilly said:

“This morning representatives from Insurance Ireland, the representative organisation for the insurance sector in Ireland, and the Alliance for Insurance Reform, a collective of civic and business organisations pushing for a reduction in insurance premiums, appeared before the Oireachtas Enterprise, Trade, and Employment Committee.

“During discussions both organisations highlighted the need to push ahead with reforms in the Personal Injuries Resolution Board Bill 2022 aimed at ensuring claiming customers can receive their compensation quicker and avoid unnecessary litigation.

“The Bill seeks the establishment of a mediation service through the Personal Injuries Assessment Board which is due to be transformed into a new Personal Injuries Resolution Board.

“Representatives of small businesses highlighted the impact of excessive premiums and stated that they present not just a problem for motor and home insurance, but that the excessive cost of public liability insurance is an existential threat to businesses.

“I raised concerns with Insurance Ireland that despite the introduction of Personal Injuries Guidelines a year ago, businesses had reported that public liability insurance premiums had actually increased over that period.  

“The Alliance for Insurance Reform stated that a survey of their members indicated increases in premiums had been in the region of 16 per cent for the year.

“This is an extremely concerning situation, and it was compounded when Insurance Ireland admitted under questioning that insurance premiums would not be immune from the impact of inflation.

“The reforms in the Personal Injuries Resolution Board Bill 2022 are extremely welcome, but more has to be done and, in particular, the Government must do everything possible to ensure inflation does not push up insurance premiums.”