Insurers must step up to ease costs on consumers – Fine Gael Senators

Insurance companies must play their part in protecting consumers from increased costs, say Fine Gael Senators, who have tabled a motion to be debated in the Seanad this week calling for fair premiums for consumers.

The motion acknowledges the work government has done on insurance reform to date.

It calls for a range of commitments in the Programme for Government on insurance reform to be fulfilled.

These include the introduction of tougher penalties on those who commit insurance fraud, drive affordability and availability of insurance, and mitigate the impact of climate change on insurance, including extreme weather risks and the insurance protection gap.

Speaking on behalf of the Fine Gael Senators, Senator Linda Nelson Murray, Fine Gael spokesperson on Enterprise and Employment and Insurance Reform, said: “Fine Gael Senators have huge concerns about a recommendation from the Judicial Council that personal injury awards should be increased by almost 17 per cent (16.7%) in the coming weeks. We need a guarantee that if these awards are increased, they will not be passed on to consumers.

“Government are continuing to do their bit, now it’s time for insurance companies to step up.

“We urge insurance companies to not pass on costs from increases in personal injury awards to consumers if they are introduced. The stakes for our local businesses, community groups, and sports clubs are high – they need to be able to obtain suitable insurance at a fair price”.