Cork TD welcomes commitments to reform insurance sector

A Cork TD has welcomed minister for finance Paschal Donohoe’s reaffirmation on commitments to reform the insurance sector in Ireland.

Fianna Fáil TD for Cork South Central Séamus McGrath recently raised the question of potential safeguards being put in place to address increasing costs of insurance across a number of different products.

As part of the programme for government, an Action Plan for Insurance Reform is being developed, which will outline a range of deliverables in a number of government department policy areas.

The plan will focus on working with stakeholders to enhance transparency and affordability across all types of insurance.

“I am pleased to hear the Government wishes to pursue the commitment of the new Action Plan for Insurance Reform as outlined in the programme for government,” Mr McGrath said.

“Once this commences and develops, it will support a more sustainable and competitive market and within that, the hope of reduced costs and premiums for consumers.

“I understand there are a lot of inflationary measures that have caused price hikes in relation to insurance. Whether that be rebuilding costs, repair costs to a motor, or materials and labour, they have all greatly impacted consumers.

“I believe we must take action and carry out our commitment in the programme for government that indicates our Action Plan on Insurance Reform.”

Mr McGrath added: “I am delighted to hear my party colleague and minister of state Robert Troy recently began intensive engagement with Insurance Ireland and the CEOs of the major insurance companies in the State in relation to this matter.

“It is pivotal that we ensure they are encouraged to reduce premiums as part of the Government’s reform agenda and work out ways in which to do so.”