Further measures needed to tackle rising insurance costs – Noone

Fine Gael Senator, Catherine Noone, has said that further measures need to be introduced as a matter of urgency to tackle rising insurance costs.

“I’ve been contacted by many people lately who are experiencing sharply increasing insurance costs. The situation is getting worse and more measures are now needed.

“CSO data shows that insurance prices have increased by almost 30% since 2011, with motor insurance prices increasing by 33.5% over the same period.

“The National Competitiveness Council has recommended a number of measures to tackle these escalating insurance costs and I believe these measures should now be implemented as a matter of priority. These include:
• Comprehensively benchmarking insurance costs and the drivers of commercial and private costs
• Reform of the Personal Injuries Assessment Board (PIAB) to ensure it is sufficiently empowered to collect the required claims data. There is also a need to address non-attendance at medicals
• Reform of legal services to reduce insurance costs.

“The question of the rising cost of insurance is complex and involves many Government Departments, State Bodies and private sector organisations. I welcome the fact that the Department of Finance has already begun a Review of Policy in the Insurance Sector and in particular the rising costs, which will continue over the coming months. I’m looking forward to the outcome.

“Most of us know the feeling of looking at that latest car insurance quote and wondering just how did it get so high. Actions must be taken as a matter of urgency to tackle these rising costs.”