Radical reform of the insurance industry vital to tackle escalating premiums – Fitzpatrick

Fine Gael TD for Louth, Peter Fitzpatrick, has said that radical reform of the insurance industry is vital if we are to tackle escalating premiums.

“Insurance costs in Ireland, both general and motor, have risen considerably over the past number of years and are simply too high. I have been contacted by many constituents recently who are suffering due to rising premiums and in fact County Louth is one of the hardest hit areas when it comes to rising insurance premiums.

“CSO figures show that insurance costs in Ireland have risen by almost 30% since 2011, with motor insurance prices rising almost 34% over the same period. This is unsustainable and must not be allowed to continue.

“I welcome the fact that the Department of Finance has a task force carrying out a review on the Insurance Industry and will report to the Minister shortly. This review is badly needed and I look forward to reading its findings.

“I believe that radical reform is now required, particularly in the areas of legal fees and awards given, which are both too high and must be addressed. We must also look at tackling fraud and reforming the Personal Injuries Assessment Board. We must immediately tackle the causes of rising insurance costs and bring them under control.”