Insurance Premiums Must be Slashed on Back of Drop in Personal Injury Awards
6 July 2021
Spokesperson on Finance, Public Expenditure and Reform
Labour finance spokesperson Ged Nash has welcomed today’s preliminary report showing a drop of 50 per cent in awards in personal injury cases and has called for a significant cut in insurance premiums for personal and business customers.
Deputy Nash said:
“The time for the insurance industry cashing-in hand over fist is over. Finally, and based on this early report excessive pay outs associated with some personal injury claims appear to be declining. This will benefit us all through lower insurance premiums and costs.
“This is great news for customers throughout the country, as this, coupled with the decreased traffic on the roads means that motorists for example should expect greatly reduced rates when they go to renew.
“The government talks a good game on insurance and the relevant Ministers must now put the foot down and ensure that customers see reduced rates immediately. We know that this is an industry that has a culture of unfair practices where profit alone is king. The Minister needs to ramp up pressure on the industry and extract some fairness for people. The issue of extortionate premiums in the insurance industry is well aired. The industry can’t drag its heels any longer.
“Government needs to finally get a grip on an industry that has had it its own way for far too long. The new Judicial Council guidelines are just one element of a package. They must finally show they are on the side of customers and insist on a reduction of rates immediately.”