Oireachtas group targets car insurance reform

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.

The cost of insurance working group has published a list of 40 recommendations for the industry ahead of its report, due next month. Chaired by minister of state at the Department of Finance, Eoghan Murphy, the group has also suggested insurance companies should be permitted and compelled to require proof of NCT/CRW (certificate of roadworthiness) before offering car insurance.

Mr Murphy believes it is possible to reduce the cost of car insurance but warned there was “no simple solution” as it would be a time-consuming process.