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Frank O’Rourke TD has said that this year must be the year we finally deal with the cost of insurance in Ireland
Recent years have seen unsustainable increases in the cost of insurance.
“Since getting elected, I have persistently raised the high cost of insurance, not just in relation to motor insurance, but also in relation to the cost of insurance for businesses, community and sport organisations.”
Continue reading “O’ROURKE SAYS TIME TO TACKLE INSURANCE COSTS”
Frank O’Rourke TD has called on the insurance industry to immediately respond to the latest Central Bank report and reduce their premiums.
“Insurers must immediately cut their motor premiums. The central bank shows that premiums are up 40% since 2009, payouts are down and insurance company profits are up. Average premiums were just over €700, some €265 more than in 2009. Over the same period the cost of claims per policy fell by 2.5pc.” Continue reading “O’ROURKE CALLS ON INSURANCE INDUSTRY TO CUT PREMIUMS”
Frank O’Rourke TD has again called on the Government to focus on reducing the cost of insurance and implement the recommendations of the Cost of Insurance Working Group
Frank commented, “Rising costs of insurance for businesses leads to rising costs for everyone as these costs are invariable transferred to the consumer which increases the costs of living.”
Continue reading “O’ROURKE URGES GOVERNMENT KEEP FOCUS ON REDUCING INSURANCE COST”
Frank O’Rourke TD has welcomed the Central Bank rules requiring insurers to give customers more information when renewing their policies which come into effect today
However Frank said more needs to be done to reduce the cost of insurance.
“Insurance companies will now have to provide details such as the premium paid the previous year with an upfront comparison. They will have will also have to provide the cost of different levels of cover, a comprehensive quote, a third party fire and theft quote, and one for third party only cover.”
Continue reading “O’ROURKE WELCOMES NEW RULES ON MOTOR INSURANCE”
Frank O’Rourke TD has again highlighted Government lack of action in relation to reducing the cost of insurance as there is no sign of the National Claims Information Database being set up
Frank commented, “Insurance continues to be a critical issue for businesses and consumers. I know from my weekly clinics the negative effect of the high cost of insurance. It is putting excessive cost pressure on small businesses and putting a unfair burden on motorists.”
“The National Claims Information Database was supposed to be set up to provide transparency about the level of claims in Ireland. This was an important policy commitment to attract new entrants into the Insurance market in Ireland, and would not just bring down premiums but would also help tackle insurance fraud.”
“This National database was to be up and running last year. The Government seems to have washed its hands of setting up this database. As stated by our Finance Spokesperson, Michael McGrath TD, this database should be managed and controlled by the State, not by the insurance industry, and avoid competition law issues.”
“I will continue to press the Government to implement the recommendations from the Cost of Insurance Working Group. We need greater focus on reducing insurance costs as the average annual cost of motor insurance now stands at €750 compared with €450 in 2014, an increase of nearly 70%.”