Insurance costs have gone through the roof.
Deputy Pat the Cope Gallagher has called on the Minister for Finance to urgently set up an Insurance Task force similar to the previously existing Motor insurance Advisory Board which in the 1990’s successfully lowered insurance premiums by 30 to 40 %.
The West Donegal Deputy said the current situation is totally unsustainable with every insurance policy now being increased by anything from 50% to multiples of that amount.
This comes in light of the information revealed by Fianna Fail Finance spokesperson Micheal Mc Grath when in a written question to the Department of Finance revealed that insurance payouts in 2014 were €400 million euro less than what was paid in 2011 or 36% less payouts, and similarly the amount paid in 2014 was less than the amount paid in 2012 and equal to what was paid in 2013.
Pat the Cope said “The insurance companies were blaming the massive insurance hikes on the increased payout levels experienced by the sector over the past number of years, now as revealed by the Department of Finance figures this argument simply does not stack up – stated Pat the Cope.
“The escalating premiums are a major financial strain and burden on motorists and households alike, equally is the case on businesses across the country. The Government urgently needs to take action and establish a task force to identify the real reasons why premiums are rising at unsustainable rates and take the appropriate action to solve this problem which is directly affecting every individual and household throughout Donegal and the country alike.
“Motorists are now typically paying twice the amount or several hundreds more than what they were in 2014,” added Pat the Cope.
He added the Insurance Task force needs to be established immediately with a clear mandate to investigate these massive insurance hikes, and to report back to the Dáil committee directly within 6 weeks so that this problem can be resolved otherwise premiums for insurance will continue to sky rocket.
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