News & Media

Senior Ministers must now address high insurance costs

16 December 2019

Statement by Joan Burton
Spokesperson on Finance, Public Expenditure and Reform, and the Arts

Responding to the publication by the Central Bank of their analysis of the motor insurance sector, Labour Finance spokesperson Joan Burton TD has called for the intervention of the Taoiseach and Minister for Finance to address once for all high premiums.

Deputy Burton said:
"The figures from the Central Bank today confirms that consumers of motor insurance have faced a significant increase in their premiums, while claim costs have actually fallen.

"This shows that it is high time that senior Ministers including the Minister for Finance and the Taoiseach took charge of this issue and led the drive for fairer insurance prices.

"Unfortunately it shows that having only a Minister of State in charge is not adequate to take on the insurance giants and ensure real reform happens. We now need the drive to be led by the most senior figures in Government if insurers are to take it seriously.

"While today's report lifts the lid on the motor insurance sector, we know from reports that businesses, and voluntary bodies are facing skyrocketing costs for public liability insurance. It was reported today that creche's are facing increases of over 200% that will close many childcare facilities next year and increase costs further for parents.

"Labour has proposed one pragmatic solution, which is for publicly owned Irish Public Bodies Insurance to be directed to provide affordable insurance to community festivals and markets for a period of time, as a stopgap while national measures are taken to improve the insurance market. We now need focused action at the top of Government before more businesses and NGOs are forced to close or restrict activity."