Deputy Pat the Cope Gallagher has called on the Government to intervene and take action on the ongoing crises of insurance premiums are increasing by 50% to 80 % or more in some cases.
The Donegal Deputy says the increases are placing unsustainable pressure on motorists seeking to renew their annual premiums.
Statistical analysis of insurance claims for the period 2010 to 2014 shows that insurance claims pay-outs were static and showed no significant increases in payout levels in Ireland, he added.
The Chief Executive of the Injuries Board in his evidence to the Dail Committee on Insurance premiums stated “the average insurance payout claim has risen by €400 in the past 8 years” but over the same period insurance premiums have risen by multiples of that.
Pat the Cope called on the Government to take real action rather than just talking about action and tackle the crises on insurance premiums hikes, which for the third year in a row costs are spiralling out of control for Irish motorists.
“Previously I called on the Government to re-establish the Motor Insurance Advisory Board and to open the insurance market to European Insurance companies under the free movement of goods and services, which many transcontinental haulage companies are currently doing and availing of much cheaper insurance premiums within the EU by obtaining Insurance on the continent rather than here.
“No other European country is experiencing premiums hikes to the level as Ireland at present, in an average of 8 European counties the level of increase is only 3% over the past 2 years,” stated Pat the Cope.
The cost of insurance is now a major concern for every motorist and it is rapidly becoming beyond the reach of many motorists who depend on their car or van for their livelihood, and yet nothing seems to be done by the Government, he added.
“All options have to put on the table in order to solve this crises and further time cannot be wasted talking about solutions – action needs to be taken by the Minister of State Eoghan Murphy and his Department,” added Deputy Gallagher.
The burden of this crises has to be lifted from the backs of the ordinary motorist and it is only the Government that can intervene and take the necessary actions and measures to counter act the hikes in insurance premiums, he concluded.