Sinn Féin TD Conor D. McGuinness has said that the Government is allowing insurance companies to rip off people in Waterford as premiums rise despite a fall in claims costs.
The Waterford TD made the comments following the publication of the latest data on motor insurance claims and premiums by the Central Bank of Ireland.
Deputy McGuinness said:
“The cost of car insurance is rising yet again. There is no justification for these continued increases. This is now the fourth consecutive year that premiums have gone up.
“Government must act to ensure that insurance companies are required to clearly demonstrate how savings from reforms are being passed on to customers, rather than being retained as excess profit.
“Motorists here in Waterford, like people right across the state, are already paying close to double the EU average for car insurance. When you add rising fuel costs and the broader cost of living pressures, many households are being pushed to the brink just to keep a car on the road.
“The latest figures from the Central Bank are stark. What people are paying is going up, while the cost to insurance companies is going down.
“The average premium now stands at €655, while the average cost per policy for claims is just €310, which is lower than it was a year ago.
“Insurance companies are squeezing motorists while delivering strong returns for shareholders. That cannot continue.
“Government has failed to stand up to this. The much-trailed transparency measures announced recently are voluntary, lack teeth, and provide no real mechanism to hold companies to account.
“Government must get on the side of ordinary workers and families and ensure that insurance reform actually delivers for those paying the bills.”
Conor D. McGuinness TD 