Sinn Féin spokesperson on Finance, Pearse Doherty TD, has said that today’s report from the Injuries Resolution Board makes for damning reading on the government’s handling of insurance.
The Donegal TD hit out at what he sees as the cynical blocking of his legislation that would hold the insurance industry to account and put pressure on them to reduce their prices.
Under the legislation, insurance companies would be forced to show how they have or have not passed on or reduced claims costs to their customers.
Teachta Doherty said:
“I am very concerned that the government is actively protecting the profits of insurance companies rather than standing up for customers.
“I have published legislation which would hold these companies to account on passing on the savings to customers.
“The government has blocked our Bill using the controversial and undemocratic ‘money message veto’. This amounts to a misuse of the constitution to protect insurance companies from accountability.
“Today’s report from the Injuries Resolutions Board shows the amount of public liability claims against retail and hospitality businesses has halved since 2019.
“At the same time, we have seen premiums remain high, leading to higher profits for insurance companies.
“This puts a sector we know is struggling with rising costs under pressure and fuels the cost-of-living pressure people feel.
“The report also highlights the very low level of claims against childcare providers. Yet, this is another sector that faces huge insurance costs. These premiums get passed onto parents.
“Many other small businesses and voluntary groups are struggling to find affordable insurance despite the low level of claims.
“This is how over recent years the insurance industry has recorded sky-high profits and paid out large dividends to shareholders.
“The government has allowed reforms to turn into profits for insurance companies rather than delivering lower premium payments.
“I will be reintroducing this legislation as soon as the Dáil is back. We will demand action to protect the public from rip off insurance costs.”
Judicial Council (Amendment) Bill 2021
January 14, 2025
Government protecting the profits of insurance companies – Pearse Doherty TD
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