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Crowe - Insurance companies bleeding people dry

30 September, 2003

Sinn Féin Spokesperson on Transport Seán Crowe TD has accused the insurance industry of 'bleeding people dry' following the announcement that driven by rampant profiteering in the motor insurance sector, insurance companies have delivered record profits.

The Dublin South-West TD said: "Motor insurance operating profits increased to 183.2 million Euros from a loss of €17.1 million 2001. Overall the record profits announced by the insurance industry amounts to an astonishing 16.4%. Despite this huge increase, the Irish Insurance Federation has the temerity to warn against any likely reductions in insurance premiums.

"Insurance companies are bleeding people dry. Community groups, schools, small businesses have all been hit extremely hard by rising insurance costs. According to ISME their members have endured a staggering 295% jump in insurance premiums over the past three years. Young driv

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