Wicklow Sinn Féin TD John Brady has called out the insurance industry for profiteering during the cost of living crisis, and has called on the government to implement Sinn Féin’s legislation that would hold the industry to account and apply downward pressure on prices.
The Wicklow TD stated that there was no excuse for insurance companies not to cut prices for consumers and businesses.
Brady said:
“Time us up for the insurance industry and the rip-off insurance prices it continues to charge motorists and small businesses.
Consumers across Wicklow continue to pay high prices for insurance cover as the industry bolsters its profit margins.
Since 2020 the insurance industry has recorded sky-high profits while paying out dividends to their shareholders.
In that period we have witnessed businesses here in the county who have been forced to close as a result of the high cost of insurance.
Despite the fact that the cost and the number of claims have fallen since the pandemic, car insurance prices have risen by more than 6 percent since 2022.
At the same time, small businesses and voluntary groups are struggling to find affordable insurance as they continue to be hit with rip-off prices.
For years the insurance industry called for reforms to reduce the cost of claims, and that is what they got with the introduction of the Personal Injury Guidelines more than three years ago.
This has slashed the cost of claims for insurance companies.
But this reform was adopted to reduce costs for consumers, not bolster the profits of insurers and the bank accounts of their shareholders.
It is clear that the insurance industry has pocketed savings and boosted their profits instead of passing these savings onto customers.
This cannot be allowed to continue.
The legislation brought forward by Sinn Féin, the Judicial Council (Amendment) Bill, would force the insurance industry to report to the Central Bank detailing how it has or hasn’t passed on these savings to customers – euro for euro.
This would hold the industry to account and apply downward pressure on prices.
There are no more excuses for the insurance industry.
It is time for insurance companies to put consumers first and reduce prices.”