Fianna Fáil TD for Kildare North Frank O’Rourke has welcomed the decision by the Competition and Consumer Protection Commission to launch an investigation into anti-competitive practices in the motor insurance sector.
“Motor insurance costs have become the biggest issue facing Irish consumers. The most recent figures reveal that premiums have risen by almost 40% in the last year – that is simply unsustainable and there appears to be no justification for the rate at which costs are accelerating. I raised this issue at a recent meeting of Oireachtas Finance Committee, which was attended by AA Ireland”, explained Deputy O’Rourke.
“I also raised the issue of the cost of claims, as the figures show that the amount paid out fell from €1.5 billion in 2011 to €1.01 billion in 2014. This should have led to reduced premiums not increased renewals.
“Fianna Fáil has been consistent in highlighting these rocketing costs. I spoke on the issue in the Dáil chamber earlier this year, when I called on the Government to consider opening up the EU car insurance market for Irish drivers.
“The last 18 months has seen premiums spiral out of control, as the Government dragged its feet on this crucial consumer issue, putting more and more pressure on motorists.
“I hope that, in addition to the work being undertaken by my colleague John McGuinness, as Chair of the Finance Committee, who is investigating motor insurance in Ireland, this investigation by the CCPC will see premiums reduce quickly,” concluded Deputy O’Rourke.