Farrell calls for Government to establish investigation into rising insurance costs

Fine Gael TD for Dublin Fingal, Alan Farrell, has called for the Government to establish an investigation into the insurance industry, citing the increase in insurance costs, particularly in the motor industry, as warranting such an investigation.

“Consumer Price Index figures for April 2016 from the CSO have shown that, over the year from April 2015, there has been a 34.2% increase in the cost of car insurance, a 9.9% rise in insurance related to the dwelling and a 3.2% increase in the cost of insurance related to health. Given the significant rise in these premiums, and the impact that is having on the pockets of hard-working people in Dublin Fingal, and across the country, I believe the establishment of an investigation by the Government into the whole industry is warranted.

“Examining these figures, it is not unreasonable to ask whether the insurance industry is acting like a cartel. I do not believe that such significant increases, particularly within a one year period, can be deemed reasonable or portrayed as justifiable to consumers in the North County, and across Ireland.

“For this reason, in raising this issue with Minister Eoghan Murphy in Dáil Éireann, I called on the Government to establish an investigation into the entirety of the insurance industry. Ensuring consumers receive the cover they need for the best possible value is of the utmost importance, and such an investigation would simply make sure that consumers are protected.

“In addition to this, I will continue to use my voice as the local Fine Gael TD in Dublin Fingal to raise the issue of owners of homes remediated from pyrite being refused home insurance. I reiterated my call for a voluntary agreement between Government and the providers of home insurance along the lines of the Declined Cases Agreement in the motor insurance sector.

“Such an agreement would oblige the first company approached by a homeowner being to provide a quote for home insurance should the homeowner be refused by three companies. A committee would be put in place to make sure companies cannot issue a quote which would be deemed excessive. I believe this would certainly benefit affected homeowners across Dublin Fingal.”