Spiralling insurance costs need urgent action – Troy

Fianna Fáil TD, Robert Troy, says the insurance premiums being applied to business, home, public, and motor insurance customers are now unsustainable and called for urgent government action to tackle the problem.

The Longford-Westmeath Deputy was commenting as he launched his party’s private members’ business motion on the insurance sector, and the challenges homeowners, business owners, and motorists are facing to maintain their insurance.

“Across the board, we have seen excessive and exorbitant increases in the cost of obtaining insurance, and it is forcing many policy holders to make a choice about whether to keep paying or not,” Deputy Troy said.

“If this happens, the very foundations of the insurance industry and the protections it provides Irish businesses and families will be at risk.”

Deputy Troy said that while recent CSO figures may show no discernible increase in the last number of months, certain motorists are still receiving hiked-up renewal notices in the order of 30 or 40 per cent.

“Many businesses, and in particular SMEs, are also experiencing massive increases, in the order of 40 per cent and higher, in their premiums for motor, public liability, and employer liability cover,” he said.

“These increases place a major drag on their competitiveness and ultimately their viability. As the CSO does not publish these statistics, the challenges businesses face are being sidelined or, worse, ignored.

“This simply has to change. Many of these SMEs sell directly into the UK, and with Brexit on the horizon their cost competitiveness will be vital in them weathering the storm that may come down the tracks.

“We cannot allow these costs rise unabated; we must ensure that Ireland remains a competitive place to both live and work.

“Transparency is needed in the insurance industry and the Government must set down clear timelines and parameters for Phase 2 of the Cost of Insurance Working Group, which will look at business insurance, including public liability and employer insurance.”

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