'Government standing idly by while motorists are fleeced with insurance premiums'

Sinn Féin spokesperson on Finance, Pearse Doherty TD, has said that the government is standing by and allowing the insurance industry to fleece motorists and pocket savings brought about by recent reforms.

Teachta Doherty made his comments in response to the Central Bank publishing figures which showed that the average price of motor insurance rose 9% between 2023 and 2024 to reach €623.

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He added that it was time to end the insurance rip-off, and that his legislation, the Judicial Council (Amendment) Bill, would hold the industry to account and apply downward pressure on insurance premiums.

Teachta Doherty said: “The Central Bank has confirmed what we all knew - insurance companies are fleecing motorists, with the average price of motor insurance going up by 9% between 2023 and 2024.

“The reason this is happening is because the government has sat back and allowed insurance companies to make eye-watering profits totally out of step with industry norms.

“My legislation to strengthen consumer protections in their insurance contracts became law in 2019 and tipped the balance in favour of policyholders.

“Sinn Féin then led a campaign to ban the unfair and discriminatory practice where insurance companies were artificially hiking the premiums of renewing customers.

“But despite these reforms, the insurance industry is continuing to fleece motorists in the midst of a raging cost-of-living crisis.

“The purpose of reforms such as the Personal Injuries Guidelines was to deliver reduced prices for customers and small businesses - not increase industry profitability.

“My legislation, the Judicial Council (Amendment) Bill in 2021, would require 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 allow the Dáil to hold the industry to account and apply downward pressure on prices.

“The government has actively protected the profits of these companies by blocking this legislation. It is time to progress this bill, protect consumers, and pressure the insurance industry to do the right thing and cut prices.”