Investigation needed into rising insurance costs – DEERING

3rd June, 2016

Fine Gael TD for Carlow/Kilkenny Pat Deering, has said that an investigation into the insurance industry is urgently needed, citing the increase in insurance costs, particularly in the motor industry.

“The CSO’s figures for April 2016 show, there has been a 34 % increase in the cost of car insurance, a 10% rise in insurance related to homes and a 3% increase in the cost of insurance related to health.

“Given the significant rise in these premiums and the financial impact these increases are having on people, I believe the establishment of an investigation into the whole insurance industry is necessary.

“Examining these figures, it is not unreasonable to ask whether the insurance industry is acting like a cartel. Such significant increases within one year cannot be deemed reasonable or portrayed as justifiable to consumers.

“For this reason, I have contacted the Minister responsible to establish an investigation into the insurance industry. Minister Eoghan Murphy confirmed that the Minister for Finance has asked his officials to undertake a review of policy in the insurance sector, which I welcome.

“Ensuring consumers receive the cover they need for the best possible value is vital and such an investigation will help to make sure that consumers are protected.”