Motor insurance industry to meet Government today to discuss rising costs

Motor insurance industry to meet Government today to discuss rising costs

Update 10.50am: A junior Minister at the Department of Finance has said the cost of motor insurance is threatening our economy.

Eoghan Murphy will meet with industry representatives today to discuss the soaring cost of insuring vehicles.

The latest CSO figures show the cost of motor insurance has risen by over a third, in just 12 months.

Minister Murphy is chairing the new Insurance Review Group - he has said the issue needs to be tackled urgently: “It’s causing a very serious problem around the country for individuals and small businesses, increasing the cost of living.

“But it is also becoming a threat to competitiveness in the economy.

“I think it is important that Michael Noonan requests we set up this working group, to examine the reasons and what is feeding into these increasing costs in the insurance sector and then come forward with the solution.”

Earlier: Members of the motor insurance industry will meet with the Government today to discuss the rising costs of car insurance.

The latest CSO figures show the cost of motor insurance has risen by over a third, in just 12 months.

The average cost of car insurance has now reportedly reached €900 a year.

Minister of State at the Department of Finance and Chair of the Insurance Review Group, Eoghan Murphy says the body is far from a talking shop: "What I think is important is over the last couple of months, different aspects of the industry have been coming forward and putting forward both their case and what the possible solutions are.

" What we are focused on now doing is, coming together and agreeing what those solutions can be and putting them in place.

"I mean this isnt about a blame game this is about actually finding out what the problem is and then working to fix that problem together."


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