Insurance reformers have described as “shocking, but not surprising” reports that a European Commission (EC) investigation into Irish motor insurance is examining allegations that the industry is frustrating access to the market.
The Chairman of the Personal Injuries Commission has warned there needs to be “a massive onslaught” on fraud in the motor claims area and said as a “last resort” the Government could legislate to put a cap on the amount of compensation awarded.
The parents of a little boy who was killed in a hit-and-run accident have called for tighter driving licence controls after it emerged the motorist’s licence was renewed after he had suffered two significant brain injuries which left him with the mentality of a child.
The president of the Law Society has accused the insurance industry of using the Setanta Insurance fallout to “excuse their egregious increase in premiums”, claiming the sector will soon find another way to keep customer payments high in the future.
Industry body Insurance Ireland has called for an urgent review of the country’s attractiveness as an EU hub after reports that Lloyd’s of London plans to overlook Ireland as it selects a new European headquarters following Brexit.
An increased transparency in how premiums are calculated, benchmarking compensation payouts with international awards, and the phasing out of paper insurance discs are some of the recommendations published by an Oireachtas working group tasked with examining the cost of car insurance.