Farming Poll 2016: Call for action to cut the costs of motor insurance

The Government has again been urged to tackle the spiralling cost of motor insurance, with 88% of respondents to an opinion poll claiming action needs to be taken.

More than three-quarters of respondents to the Irish Examiner/ICMSA poll strongly agree that the Government should take steps to tackle the problem, which is already being scrutinised by an Oireachtas committee.

It comes after figures showed a startling 35% average rise in the cost of motor premiums from May 2015 to May 2016.

The poll result shows broad support across all age groups and farming sectors for action to cut the cost of car insurance.

Earlier this month, the Competition and Consumer Protection Commission launched an investigation into suspected anti-competitive practices in the motor insurance sector.

In a statement, the CCPC said: “The investigation relates to industry participants openly signalling upcoming increases in motor insurance premiums in the State”.

The Oireachtas Finance Committee is also carrying out a review of the sector and expects to publish its findings by the end of October.

Insurance Ireland, which represents companies offering premiums, said it was working towards practical solutions to the problem of rising motor insurance.

“Insurance Ireland fully agrees that action is required to address the spiralling cost of claims in Ireland,” a spokesman for the body said.

“Insurance Ireland is acutely aware of the concern that exists on this issue and has been working for the last 18 months in calling for structural reforms to remove the volatility in claims costs that is resulting in higher premiums.


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