CSO has a role to play in keeping down motor insurance costs - Pearse Doherty TD
Sinn Féin Finance Spokesperson Pearse Doherty TD has said the CSO can play a role in keeping down motor insurance costs. He has today written to the statistics body urging them to take on a role in collating data from insurance cases so that a true picture of how the industry operates can be arrived at.
Deputy Doherty said:
“The need for greater transparency in the workings of the insurance industry has been pointed to by campaigners and actors in the industry alike. Hundreds of thousands of motorists are receiving massive quote increases while a full and comprehensive dataset to justify these increases does not even exist.
“The lack of full, independently published, figures favours the insurer over the consumer.
“Up to now we have been relying on what the insurance industry has decided to put on record regarding costs and awards. The out of court system which accounts for so many settlements is not factored into the statistics anywhere. This needs to change.
“In June I won unanimous support for my position that the CSO be examined as a suitable body to provide independent and full data on the sector. The CSO is currently drawing up its strategy for the coming years and recently wrote to the Finance Committee seeking input. Today I have written to them urging them to step up to the mark and take on this much needed role.
“In Britain the Institute and Faculty of Actuaries regularly release such data independently. The drivers of this State are crying out for more transparency and the CSO fits the bill as an ideal body to deliver regular reports showing the full picture.
“I hope the CSO can take on board my suggestion and that, given the Dáil support for my idea, the government and other parties will similarly urge the CSO to look at this issue in light of their strategy.”