Tipperary TD hits out at insurance companies as premiums continue to rise
Deputy SeamusHealy
Deputy Seamus Healy has hit out at insurance companies on the issue of rising premiums.
The Tipperary TD told Dail Eireann that insurance companies had to be tackled urgently as premiums continue to increase despite reduction in claims.
"On the insurance issue referred to in the Private Members’ motion, reforms, including personal injury guidelines, new data from the Central Bank’s national claims information database, changes in duty of care law and initiatives on insurance fraud, were introduced in recent years. Insurers demanded these changes, claiming they were needed for premiums to fall, but of course premiums have not fallen. Claim volumes have fallen by 40% and median awards are down by 33% but premiums have increased by 17% and profits at 13% are double the international norm. The insurance companies must be tackled and tackled urgently," said Deputy Healy.