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Action needed on Derry insurance costs

7 February, 2008

Foyle Sinn Féin MLA Martina Anderson has called for Derry to be a priority in a review of insurance costs here.

Ms Anderson said,

"The Financial Inclusion Taskforce is currently investigating how financially excluded consumers can access financial products and how to reduce some of the barriers they face.

"The Consumer Council is also researching the difficulties faced by people when it comes to securing insurance and evidence will be gathered on car insurance, building and contents, medical, dental, travel, life insurance and income protection insurance.

"I welcome these initiatives and as part of the Child Poverty Inquiry being conducted by the Office of the First and Deputy First Minister I have called for special emphasis to be placed on Derry.

"Derry is an area where car insurance premiums are particularly high while many low-income families also find it impossible to insure their homes.

"We all remember the very serious floods in the city a few years ago when many families were left with nothing because they had no insurance to cover the cost of the damage caused to their homes.

"Therefore, I believe we need to see tangible proposals coming out of the current research.

"That may mean, for example, exploring block insurance deals through housing associations or subsidised premiums for low-income families but areas of high deprivation such as Derry should be made a priority case." ENDS

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