A recent motor insurance survey shows that 95% of people have seen their premiums increase in the past 12 months, while 98% said they had made no claim against their policy in the same period.
The survey was conducted by Sinn Féin Finance spokesperson Pearse Doherty with 1390 respondents.
Deputy Doherty has had his sights set on the Irish motor insurance industry for over half a decade, including his Consumer Insurance Contracts Act 2019.
The Act was designed to strengthen consumer protections in insurance contracts.
This was followed by the party seeking to ban what it called “unfair and discriminatory practices” of insurance companies, who Sinn Fein accused of “artificially hiking the premiums of renewing customers.”
Speaking on the results of the survey, Laois Sinn Féin TD Brian Stanley said: “Prices are too high for workers and families while profits soar.
“Respondents speak of being ‘fleeced’ and having to make increasingly tough choices.
“This is unacceptable, particularly at a time when motor insurance profits reached their highest level in more than a decade – reaching €159 million in 2022 alone.
“This industry continues to record bonanza profits, but it is clear that instead of passing on the substantial savings made from reduced claim costs to customers in full, insurance companies are pocketing the savings to bolster their profits.
“It is clear from the responses to Pearse Doherty’s survey that despite these reforms, the insurance industry is continuing to fail consumers.”
In 2021, Sinn Féin saw the enaction of their Judicial Council (Amendment) Bill was designed to “hold the industry to account and apply downward pressure on insurance premiums.”
Citing the bill, Deputy Stanley said: “For years, the industry made bogus claims that fraudulent claims were driving up insurance costs.
“The purpose of reforms such as the Personal Injuries Guidelines was to deliver reduced prices for customers and small businesses, not increase industry profitability.
“The Bill would require the insurance industry to report to the Central Bank detailing how it has or hasn’t passed on these savings to customers – euro for euro.
“This would allow the Dáil to hold the industry to account and apply downward pressure on prices. It is time now to end the delays, end the excuses, and take action.
“It is time to progress this bill, protect consumers, and pressure the insurance industry to do the right thing and cut prices.”
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