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Premiums must fall - Laois Minister to tell insurance bosses following new system for compo awards

Soaring motor insurance costs for businesses and families must be tackled

Soaring insurance has hit many motorists hard

Laois TD Seán Fleming intends to immediately tell insurance companies to cut premiums in the wake of a new way to compensate people injured in car and other accidents.

The Fianna Fáil Minister of State at the Department of Finance has special responsibility for Insurance. He noted the adoption of the Personal Injury Guidelines by the Judicial Council following a vote by judges around Ireland.  

Commenting on the announcement, Minister of State Fleming said he intends to act.

“I welcome the publication of the new personal injury guidelines. The Government will need a few days to consider them. I will immediately contact the Chief Executives of the main insurers to that these new guidelines must lead to a reduction in customer’s premiums.

"It’s now an imperative that we hear firm public commitments by insurance companies that Irish customers will benefit from any savings,” he said.

He added that the coalition would follow through on other ways to cut insurance bills.

“The Government is focused on removing the impediment that high insurance costs have for drivers, homeowners and businesses. My focus in the Department of Finance is to take both a strategic and practical view on the insurance market and promote greater competition which will be of benefit to the public,” he said.

The new guidelines set out compensation ranges for specific injuries, ranging from minor to major. READ THEM HERE.

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