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Government Action on Rising Car Insurance Costs – Have Your Say

Kildare South Fine Gael TD Martin Heydon has today (Friday) provided an update on the work of the Government Working Group on Car Insurance and encouraged motorists to provide him with details and examples of increasing costs that he can submit to that group.

“Rising car insurance is the largest issue for motorists right now with many motorists having already faced increased premiums for no obvious reason.  My colleague Minister for State at the Department of Finance Eoghan Murphy is chairing a Working Group which is undertaking a review of the factors which are influencing the increased cost of motor insurance.

“The Working Group has held three meetings to date and will continue to meet every two to three weeks to the end of 2016.  Minister of State Murphy has already had informal meetings with representatives from a number of key stakeholders including: Insurance Ireland, AA Ireland, the Irish Brokers Association, the Injuries Board, IBEC, FBD Insurance, and the Central Bank of Ireland.

“The working group would also like to receive and will consider submissions from interested parties.  Minister of State Murphy has advised me that he would particularly like to hear practical examples so I am planning to submit examples to him from Kildare constituents who have faced increased insurance costs.  Please email details of your experience to martin.heydon@oir.ie and we will submit to the Minister for consideration by the working group.

“The working group plans to provide the Minister for Finance with an update report by the end of October which will set out the priority actions required.  From November to December, the Working Group will then develop an action plan to enable the relevant Government Departments and Offices to commence the implementation of these priority actions.

“Have your say and ensure your experience is included as part of the review by emailing your recent car insurance experience to me atmartin.heydon@oir.ie.

 

ENDS

Contact: Martin Heydon 045-487624

Notes to the Editor

The Cost of Insurance Working Group brings together all the relevant Departments and Offices involved with the process.  Its objective is to identify immediate and longer term measures which can address increasing costs, while bearing in mind the need to maintain a stable insurance sector.

The core areas to be examined by the Working Group in this first phase are:

The motor insurance sector generally, at present and in recent years
The effects of legal costs and litigation processes on insurance costs
The current claims compensation arrangements and the cost of claims
Insurance data and information
The impact of accident rates
The impact of unlawful activity on the insurance sector, and
Other market issues

Because the issue of the cost of insurance is complex and in order to get to the heart of these issues as soon as possible, Minister of State Eoghan Murphy has established four sub-groups to review them in detail. Chairs have been appointed to these sub-groups and work has already commenced.  The sub-groups will meet weekly and their outputs will feed into the meetings of the Working Group.

The Working Group and the four sub-groups are also meeting with the relevant stakeholders.  At its third meeting, the Working Group met with representatives from the Law Society, AA Ireland, the Irish Brokers Association and the Consumers Association of Ireland.  Further consultations will be arranged.

By the end of October, the Working Group will provide the Minister for Finance with an update report which will set out the priority actions required.  From November to December, the Working Group will then develop an action plan to enable the relevant Government Departments and Offices to commence the implementation of these priority actions. In this regard, Minister of State Murphy will be consulting regularly with Government colleagues.

2016-10-23T07:19:57+00:00 September 23rd, 2016|Finance, Transport|