State can no longer be neutral in addressing dysfunction in motor insurance industry - Senator Rose Conway-Walsh
Speaking today at the launch of the Finance Committee report on the Rising Costs of Motor Insurance, Senator Rose Conway-Walsh said this report recognises that the State can longer be a neutral actor when it comes to addressing the dysfunction within the motor insurance industry.
The Mayo Senator said:
“This is a very robust report produced over a number of weeks which clearly outlines seventy-one recommendations that when implemented should reduce the cost of premiums. I look forward to ensuring that these recommendations are followed up on in a timely manner.
“There are specific recommendations which will require prompt government action. Among them is that the Central Statistics Office to be given a statutory role in collating insurance data and that there be pro-active regulation of the industry by the Central Bank of Ireland with a greater focus on consumer protection.”
Speaking on the report’s recommendations around raw data being provided to customers the Senator said:
“The provision of raw data from the industry is crucial to improving transparency which in turn will lead to solutions. As well as making this aggregate data available for analysis, insurers must be compelled to notify and provide detailed information to customers in advance in instances where insurers have decided to settle claims privately.
“Customers have a right to ask why such an approach is being taken and the rationale behind the decision should be supplied in writing to the customer.”
Later the Senator questioned Minister of State Eoghan Murphy on whether he had encountered resistance to his requests for data from the industry. Unfortunately he replied that he had experienced non-cooperation which highlights the oversight role that the Committee will need to adopt and the need for legislation.