Greens dub Ministers as “missing in action” as insurance costs rise

The Green Party has criticised what they perceive as government inaction on insurance costs as average policy prices increased by 9% – an average €52 extra a year.

The figures, released as part of the Central Bank’s National Claims Information Database motor report, show the average premium is €623, up from €571.

The Green Party will be launching a full policy document in the coming months setting out how to drive down insurance costs in Ireland for consumers and business, with measures including:

• No-fault compensation payments

• Out-of-court resolutions of disputes

• Standardised and capped awards

• Radical transparency on claims data and profits.

Mark Lynch, Green Party insurance policy lead and representative for Rathfarnham and Templelogue, said:

“Insurance costs are spiralling, but ministers are missing in action. They have run out of ideas to reform the sector and cut costs.

“Premiums are up and insurance company profits are down. That shows that Ireland’s insurance sector is leaking cash on high legal costs and unreformed waste.

“The Greens have developed a full set of reforms which would standardise compensation, cut legal delays, and offer real transparency on insurance company payouts.

Cllr. Michael Pidgeon, Green Party Finance Spokesperson, said:

“Minister Robert Troy has welcomed today’s report and said he expects insurance companies to pass on savings. But the reality shows that his expectations have not been met with action.

“Insurance costs are crippling Irish households. Year on year the costs shoot up. People are paying more and have nothing extra to show for it. The government need to seriously reform this sector to reduce costs, improve competition, and deliver savings for people.

“The Greens in government brought reforming zeal and energy to our departments in the last government. We need to see that sense of purpose and mission today.”