Charlie McConalogue says the Cost of Insurance Working Group must come forward with realistic measures to ensure that insurance premiums are reduced.
He made the comments following a progress update on the Group’s work.
Deputy McConalogue explained families across Donegal have seen the cost of motor, home and health insurance sky rocket over the past number of years.
He said car insurance in particular has seen unprecedented premium increases, putting serious financial pressure on already hard pressed families.
What’s even more worrying is the fact that further increases – in the region of between 10-15% – are predicted for next year by ratings agency Standard and Poor’s.
“While I welcome and respect the work being undertaken by the Cost of Insurance Working Group, the ultimate test for it will be whether its recommendations will successfully result in a lowering of insurance costs.
“Whatever the Working Group puts forward must have practical measures that help reduce premiums in the short term. Motorists cannot continue to fork out for these exorbitant price hikes – over the last year costs have increased by over 30%, with some drivers seeing their premiums rise by 50%. This is not sustainable.
“This Working Group was established to come up with viable strategies to bring down costs, and it is imperative that whatever recommendations the group brings forward will benefit consumers and lower insurance premiums”.
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