Members of the The Joint Committee on Finance, Public Expenditure and Reform From left: Senator Gerry Horkan,Senator Rose Conway-Walsh, Senator Kieran O’Donnell and John McGuinness T.D Chairperson of the on the Plinth, Leinster House in Dublin today.
The report [on the motor insurance industry[ concluded that on average premiums have increased by 37%, but in some cases premium hikes have been in the order of 200%-300%.
“It is apparent that insurance companies in many cases are refusing even to quote insurance. In other instances, insurance companies quote but the amounts sought are so large that the net effect is to prevent people from getting insurance,” the draft report states.
It says it is unacceptable that the insurance industry publicly states that certain variables are behind steep increases in motor insurance, yet fail to publicly furnish the supporting evidence. “The insurance industry cannot have it both ways,” it added.
Want to bet?
FIGHT!
Report concludes drivers have ‘been thrown to the wolves’ over car insurance (Irish Examiner)
Motor insurance industry accused of cartel-like behaviour (Irish Times)
Previously: Unacceptable
‘There Is A Cartel Of Insurance Underwriters’
Rollingnews
A cutting, insight-ridden report that was well worth the public money to produce.
watch how it gathers dust
I’m looking forward to the one about the defecatory habits of large ursine mammals in heavily afforested areas, due shortly…
“Perhaps it is true that the ursine mammals in question have answered the call of nature in that environment, perhaps not. I think however the deputy is abusing the privilege of this house in making such allegations here as if they were an established matter of fact. Perhaps the legal principle of “he that smelt it, dealt it” should apply. Nonetheless, the deputy will admit that the serious problem of woodland defecation is one we inherited from a previous administration, and I do not recall the deputy’s party taking action on the matter when they were in government. I can assure the deputy that a Citizen’s Assembly have been tasked with examining this question as a matter of urgency: it would be inappropriate of me to anticipate their findings today.”
reports.. findings.. committees .. blah blah blah nothing comes of them. ever. anyone under the spotlight so to speak, has walked away at the end of it and carried on doing whatever they were doing.
Criminal enterprise.
Considering that one is legally obligated to have their car insured, the Government should be subsidising car insurance if it’s too high.
+1
There is absolutely NO justification for the prices that we have to pay for car insurance in Ireland. The Government let this get out of control, they should pay to fix it.
alseep at the wheel again (Irish Gov’t)
“…the Government should be subsidising car insurance if it’s too high.”
– why should non-motorists subsidise motorists; they already have enough taxes to be paying without subsidising your lifestyle choice. Take a hike.
An independently-run non-profit national insurance scheme could work; no need to involve non-drivers. It could cover cyclists too.
Who wants to start an Insurance company with me so we can F… strangers in the A.. and flood the airwaves with our commercials incessantly?
Come on, its easier than stealing, in Ireland
I’m to busy making money running my own religion and charity
And craft brewery as well
http://www.irishtimes.com/business/financial-services/motor-insurers-made-combined-273m-loss-in-ireland-last-year-1.2807401
1. Insurance premiums were artificially low for years due to the likes of Quinn’s price wars
2. Insurance companies need to keep higher levels of capital reserves due to the likes of the above going bust
3. They’re not allowed to invest as much in stock markets to mitigate losses
4. Insurance payouts for whiplash in Ireland are 2 or 3 times higher than in the UK. And whiplash accounts for something like 90% of all injury payouts.
5. The legal system is gaming both sides something awful
6. Garda and insurance companies’ efforts to crack down on fraud and punishing those who commit it are woejus
7 Three insurers have gone wollop in the last ten years so the Regulator is forcing ultra-cautious strategies on the market.
Oh, give us a break.
Good comeback, Voltaire.
U.K has NHS so claims should pay out more here.
Insurance companies want to make more profits so they have raised premiums, why is that so hard for everyone to understand ?
Just change the law to make insurance optional. Instant improvement in road behaviour.