IFSRA to tighten supervision on insurance

Mary O'Dea, consumer director of the Irish Financial Services Regulatory Authority (IFSRA), today said that her office plans to increase its supervision and inspection of insurance companies.

She said that of the number of consumer issues arising in the financial services sector, insurance was cited by 70% of consumers in a recent survey as being of most concern to them.

Speaking before the Joint Oireachtas Committee on Insurance Reform today, she said: "We plan to devote additional resources to the supervision of insurance companies."

The IFSRA will take action by providing additional consumer information and by strengthening the

statutory codes for the selling of insurance products.

In the next few weeks the watchdog will publish its survey on the comparable costs of motor insurance, which it said would increase transparency by making it easier to compare prices.