Commenting on the publication today of the Report on the Cost of Employer and Public Liability Insurance, Fianna Fáil Spokesperson on Finance, Michael McGrath said that ,”the report is welcome but as always it is the implementation that is key. This report has been a long time coming. At the commencement of this Dáil in 2016, Fianna Fáil raised the issue of the cost of insurance in Ireland.
“It was only after a Motion put forward by Fianna Fáil and passed by Dáil Éireann that the Government decided to act. In response to our Motion, they set up the Cost of Insurance Working Group which was to look at motor insurance primarily and employer and public liability insurance in phase 2.
“It was only in January 2017 that the working group published its report on the cost of motor insurance. Regrettably much of the important work outlined in this report has yet to be completed and some of the underlying issues in the motor insurance market still persist.
“The report on the cost of employer and public liability insurance is very timely. A huge concern for many businesses across the country is the growing insurance bill they face every year. As a consequence some businesses are choosing not to take out insurance and to take on the burden of risk themselves.
“While the report is welcome, implementation is vital. It is essential that the timelines outlined in the report are met. We cannot afford to allow the current issues in the insurance market to continue for years to come.
“Transparency is clearly a major issue as there is currently no objective way to ascertain the trend in prices for both employer and public liability insurance. We also have the situation whereby policyholders are not informed fully when claims are made against them. This situation has to change.
“We also need a far more aggressive strategy to tackle insurance fraud and exaggerated claims. It is clear that this is a major driver in the cost of all types of insurance in this country. It is not fair on the law abiding individuals and businesses to incur the cost of a few people who are taking advantage of the current system.
“The insurance market continues to be a key priority for Fianna Fáil and both my colleagues and I will continue to press the issue until we have a fully functioning insurance market that serves the best interests of customers”, concluded McGrath.