Government insurance report - Scale of costs questioned

It requires the blind optimism of a Sligo football supporter dreaming of bringing Sam Maguire on a visit to Benbulben to imagine the Irish Banking Culture Board, an “independent industry initiative” funded by five banks will lead to customer-friendly reforms.

Government insurance report - Scale of costs questioned

It requires the blind optimism of a Sligo football supporter dreaming of bringing Sam Maguire on a visit to Benbulben to imagine the Irish Banking Culture Board, an “independent industry initiative” funded by five banks will lead to customer-friendly reforms.

That body is an extension of that beloved swizz — self-regulation.

The establishment of that bankers’ confessional suggests that someone somewhere hopes self-reform might work where self-regulation failed abjectly.

A Department of Justice report on insurance costs, details of which were published by The Sunday Business Post, suggests the insurance industry might consider setting up an Irish Insurance Culture Board.

That report shows that personal injury awards fell by 9% between 2013 and 2017 but that insurance costs soared.

CSO figures show that motor insurance costs jumped almost 70% during those years. Seemingly relentless increases in public and employers’ liability cover have forced some firms out of business.

Coming so soon after Sinn Féin finance spokesman Pearse Doherty’s exposure of the insurance companies’ implausible, impossible claims figures at an Oireachtas committee hearing the report would, to any rational person, suggest that sector must expect to come under real pressure to mend its ways. The best way, obviously, to do that would be to set up an Irish Insurance Culture Board.

What absolute eejits, what absolute suckers we are.

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