16 Jan 2022

Laois Fianna Fáil TD demands action to stem rise in insurance premiums

Soaring motor insurance costs for businesses and families must be tackled

Sean Fleming calls on the Government to take action.

Sean Fleming TD accuses Fine Gael led Government of sitting on its hands in relation to insurance costs

Fianna Fáil TD for Laois Sean Fleming says the Government needs to step up its efforts on addressing spiralling insurance costs for motorists, homeowners and businesses.

Deputy Fleming made his comments as the Dáil voted to accept a Private Members Business motion put forward by Fianna Fáil which calls for immediate implementation of the action points set out in the Report on the Cost of Motor Insurance.

“Insurance premiums have been increasing at a ferocious rate in recent years. People are contacting my office on a daily basis to express their shock after receiving their insurance renewal quotes. In some cases the cost of renewal can jump by up to 40% in the space of a year. Meanwhile wage increases have stagnated and household budgets are under severe pressure as a result of the spiralling insurance costs.

The claimed the Government had "sat on its hands" for many years and simply "refused to acknowledge this problem".

"It’s almost a year since Fianna Fáil put forward a Dáil motion urging the Government to take immediate action to stem the spiralling cost of insurance. This was the catalyst for the establishment of the Cost of Insurance Working Group. It’s report was published in January but the implementation of the recommendations has been too slow to date. This is simply unacceptable considering the enormous pressure that households and businesses are under as a result of rising insurance costs.

“The motion we put forward calls for swifter implementation of the measures which have already been identified as necessary to reform the insurance sector and stem premium increases. The motion received cross-party support and was passed by the Dáil. It’s now time for the Government to get stuck in and tackle the issue once and for all,” concluded Deputy Fleming.

He said businesses are also being hit hard – and in some cases on the double. Not only is their fleet insurance increasing, other essential insurance cover such as public liability and employer liability have also risen significantly – by as much as 15%. He said These are costs that small businesses in particular can simply not afford and which are impacting on competitiveness.

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