MI

Action on Motor Insurance Shows Results

Posted May 10th, 2017

The Cost of Insurance Working Group, which I chair, has published its first report on the implementation of our action plan to tackle the rise in motor premiums. Read the first progress report of the working group here.

The Government’s approach to this issue has been based not on promising what we can’t deliver, since it is legally impossible for us to directly intervene in commercial costing decisions made by insurance companies, but has instead focussed on those areas we can influence, like the claims environment, while improving transparency for consumers.

The Central Statistics Office has now reported, here, that there has been no month-on-month increase in the cost of motor insurance for the first three months of the year.

We will continue to work on implementing the working group’s action plan and encouraging new entrants to the market in order to deliver better value for motorists.

Watch my comments on this issue in the Dáil this week here (six minutes in).