Sinn Féin spokesperson on Finance Pearse Doherty has welcomed today’s Motor Insurance Report by the Central Bank.
The report found that premiums were down 5% in the first half of 2022, compared to the same period in 2021.
The Donegal TD, however, said the report made clear that the insurance industry continues to pocket savings brought about by recent reforms at the expense of consumers.
“Today’s report by the Central Bank makes clear that the insurance industry continues to rip off consumers,” he said.
“It is now two years since the Personal Injuries Guidelines came into effect. Despite these new guidelines significantly reducing the cost of claims for insurers, premiums have only fallen by 5 percent since their introduction.”
Deputy Doherty said we have seen the value of awards through PIAB falling by 40 percent, a sharp fall in the number of personal injury claims through the High Court and total settled injury claims down by more than 40 percent since 2015.
“In October 2019 the CEO of Zurich Insurance told the committee that if soft tissue personal injury awards fell by 50 percent and insurers didn’t reduce prices by between 10 and 15 percent, questions should be asked. This is straight from the horse’s mouth.”
