Donegal TD Pearse Doherty has slammed the government for failing to take action on the insurance industry.
The Sinn Féin TD said inaction is failing consumers and businesses who are seeing their insurance premiums rise.
“We have heard from industry and Government that claims and insurance fraud are the causes of extortionate insurance premiums,” Deputy Doherty said.
“We now know that this is simply not true. It’s time for the insurance industry to come clean and for the Government to act.”
As the Irish insurance industry registered profits of €227 million in 2017, up 1,300% from the year before, Doherty said their reasons for increasing premiums don’t add up.
“Despite the industry claiming that 20% of all claims are fraudulent, recent information I received from the Department of Justice shows that only 50 instances of insurance fraud were recorded by An Garda Síochána in the 6 months from November to June.
“It is time for drastic action to tackle an insurance crisis that is hitting household incomes and resulting in the closure of businesses throughout the State.”
Sinn Féin is due to publish proposals for reform and intervention in the coming weeks.
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