Govt letting insurance industry 'off the hook' - SF

The Government has been accused of letting the insurance industry "off the hook" as the reduced cost of insurance claims is not being passed on to customers.

"That can only mean that these savings are being pocketed by the insurance industry to prop up their profit margins. That was not the purpose or the intention of the new personal injury guidelines," he said. During Leaders' Questions, Mr Doherty said insurance companies in Britain "have to show that pound for pound, the reduction in awards is passed on to consumers and this is done in an audited way".

The Tanáiste, Leo Varadkar, replied: "I believe the insurance industry has to reduce its premium, absolutely, and that is the message they are hearing from me."

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Insurance report 'lays bare the greed behind industry crisis', say campaignersInsurers “have been insisting for years now that claims drive insurance costs,” Boland said. But he said it’s clear from the data that costs “within the control” of firms are also driving losses. In other words “I can’t complain about the claims anymore they really did sky rocket. All I’ve got left is expenses” Perhaps he’d like it run by volunteers.
Source: thejournal_ie - 🏆 32. / 50 Read more »