Insurance industry is operating like a cartel – Doherty

The insurance industry is operating like a cartel, according to Sinn Féin’s Finance Spokesperson Pearse Doherty.

The Donegal deputy has criticised the progress that has been made by the Cost of Insurance Working Group.

Insurance premiums are said to have reduced by 23% since peaking in July 2016.

Minister Michael D’Arcy who chairs the group, says they have completed the majority of recommended actions designed to bring down the cost of insurance.

However, Deputy Doherty says the Minister is spinning the progress that is being made.

Mr Doherty said: “One hallier operator who went – in the space of three years – went from €32,000 of an insurance policy to €120,000.”

“In anybody’s books, that is somebody who is being fleeced by a market which is operating like a cartel.”