Sinn Féin spokesperson on Finance Pearse Doherty TD has called for additional transparency in the insurance sector as new figures show an increase in insurance premiums.
Speaking today, the Donegal TD said:
“The increase in motor insurance premiums, as reported by the Irish Independent today, is a very worrying development, and is happening despite the reduction in personal injury awards.
“For many years, I have been making the case that insurance premiums should reflect, euro for euro, the reduction in personal injury awards. This is clearly not happening.
“Reforms were not introduced to prop up the profit margins of insurance companies but to drive down the insurance costs of motorists and businesses.
“My Judicial Council (Amendment) Bill would require the insurance industry to report to the Central Bank detailing how it has or hasn’t passed on these savings to customers. This would allow the Dáil to hold the industry to account and apply downward pressure on prices.
“We need legislation such as this to ensure these savings are passed onto consumers, and to ensure insurance companies are not using inflation as an excuse to increase premiums at a time when awards are going down.”