Insurance industry calls for MIAB report implementation

The Irish Insurance Federation has said the new Government must immediately implement the recent Motor Insurance Advisory Board report if premiums are to be reduced.

At its annual dinner this afternoon, Chief Executive Mike Kemp rejected claims that the industry makes huge profits.

He says the report is the only way forward to cut motor and liability insurance costs.

Mr Kemp said: "A great deal of work has gone into the report and the recommendations are very comprehensive.

"They cover both the workings of the industry and also the claims system, litigation system and to some extent road safety as well."

He added: "And really significant attention has to be given to those areas if there is to be a reduction in the cost of motor insurance claims."