Sinn Féin spokesperson on Finance, Pearse Doherty TD, has warned that insurance companies continue to pocket savings brought about by recent reforms at the expense of consumers.

The Donegal TD was speaking as FBD and Aviva Insurance both announced massive increases in their profit margins.

Speaking today, Teachta Doherty said:

“In the past few days FBD and Aviva Insurance have recorded massive increases in their profits for 2023.

“FBD recorded profits of €81 million, an increase of more than 23 percent on the previous year, while Aviva recorded profits of €72 million, a 125 percent increase on the previous year.

“Households shouldered a cost of living crisis last year and continue to struggle with high living costs.

“Despite a raft of reforms in the insurance sector, it is clear that the insurance industry is not passing these onto consumers.

“Businesses continue to struggle with high insurance costs, with 87 percent of businesses having had no reduction or seen their premiums increase in the past two years, according to a recent survey by the Alliance for Insurance Reform.

“And many motorists continue to face high insurance costs, with insurance prices failing to fall in line with reforms in the sector.

“I have always said that the purpose of any reform in the insurance sector should be to reduce costs for consumers, not to bolster the profits of the insurance industry.

“My Judicial Council (Amendment) Bill would hold the industry to account and put pressure on insurers to lower prices by requiring them to disclose how they have or have not passed on the savings made by the new personal injuries guidelines to their customers – euro for euro.

“That some of the biggest players in the insurance market are announcing massive profit gains suggests that consumers continue to be taken for a ride.”