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New Insurance Ireland CEO should defend interests of consumers; not profits - Pearse Doherty TD

6 January, 2020 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has called on the new Chief Executive of Insurance Ireland, Moyagh Murdock, to defend the interests of insurance consumers instead of the profits and the spin of the industry.

Speaking as the current chief executive of the Road Safety Authority took up her position with the main lobby group of the insurance industry, Deputy Doherty said:

“The insurance industry has engaged in a public disinformation campaign to distract the public and media from their own pricing practices and profits.

“Unfortunately Insurance Ireland, and some political parties, have been too happy to peddle their spin instead of holding them to account.

“Sinn Féin are under no illusion that the role of Insurance Ireland is to defend and lobby on behalf of the insurance industry. 

"I hope Moyagh Murdock will think of consumers who have been ripped off by insurance companies as she takes up her new role, and will be less quick to peddle the spin propagated by the industry.

“While I have continually called out the industry and representatives from Insurance Ireland for exaggerating the extent of fraud and the cost of claims, while highlighting the rising cost of premiums despite the falling cost of claims, some in Government, the media and Fianna Fáil have regurgitated their spin.

“The recent Central Bank report showed that despite the falling cost of claims in the past decade, the average motor insurance premium rose 42 percent.

“I would hope that the new CEO would focus on the rip-off costs faced by consumers and the practice of price discrimination by insurance companies. 

"I would also hope that she focusses on ensuring the industry complies fully with Sinn Féin’s Consumer Insurance Contracts Act which was signed into law last month.”

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