Car insurance costs must be addressed

Insurance crisis

Car insurance costs must be addressed

Fine Gael Deputy Peter Fitzpatrick has said that the review of the insurance industry, which is underway, must address the rising costs of motor insurance in Louth.

“The Minister for Finance has established a task force in his Department to undertake a Review of Policy in the Insurance Sector.

“The work of this task force includes an examination of the issues surrounding the cost of insurance. This work is being undertaken in consultation with the Central Bank of Ireland, other Government Departments, Agencies and interested bodies.

“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.

“The aim of the Department of Finance review is to identify the factors contributing to the increasing costs of insurance, and to recommend measures to improve the functioning and regulation of the insurance sector in Ireland, identifying the issues that can be addressed on a more immediate basis and those that need more long-term policy implementation. This work will be completed over the coming months.

“We must tackle the causes of rising insurance costs and bring them under control as a matter of urgency.”