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%.”