‘Time to end insurance rip-off and reduce premiums’ – Kilkenny TD
A local TD is calling for support for new legislation that would force insurers to pass savings onto customers.
Carlow-Kilkenny TD Kathleen Funchion and her Sinn Féin party colleagues have drafted legislation that would require the insurance industry to provide information to the Central Bank about claims.
If passed, the legislation would bring about a requirement whereby insurers would have to outline how the cost of claims have reduced as a result of the new Personal Injuries Guidelines. They would also have to show how they have passed those savings onto their customers.
Speaking before the legislation comes before the Dáil this afternoon, Deputy Funchion said: “We must end the insurance rip-off and reduce premiums for consumers.
“The Personal Injuries Guidelines, which have been in place for over a month now, significantly reduced the cost of claims for insurance companies. But we must ensure these savings are passed on, euro for euro, to customers in the form of lower premiums.
“A survey launched by Sinn Féin Finance spokesperson Pearse Doherty found that 58 percent of respondents who received their renewal since the new guidelines came into effect actually saw their premium increase.
“Only 22% saw their premium fall. The insurance industry promised to reduce premiums for motorists and businesses significantly as a result of these guidelines.
“They are not keeping their promise and consumers cannot afford to wait any longer,” Deputy Funchion added.