Evidence from community groups “more evidence of a market failure” in insurance - Pearse Doherty TD
Sinn Féin Finance spokesperson Pearse Doherty TD has said that evidence from community groups, charities and marts about the increase in the price of insurance was shocking and amounts to more evidence of a market failure in insurance in Ireland.
He has called on the EU Commission and the Competition and Consumer Protection Commission to extend their investigations into the industry to cover wider questions than just motor insurance.
Deputy Doherty said:
“Today, on my initiative, the Finance Committee heard of shocking increases of 200 and 300% for community groups and other non-profit organisations.
"Jobs have been lost, organisations have been closed down and the country has missed out on international events due to the insurance crisis.
"I predicted that after the focus was put on motor insurance that other types of insurance would also increase.
"The same pattern is emerging-massive increase with no justification or justified by pure spin, an absolute lack of transparency and a complete lack of competition.
"This is an insurance crisis and a market failure. The refusal of the State to play a role in the insurance industry has left drivers, community groups and society a whole reliant on an industry that is failing us.
"The current government working group is not delivering. It is being obstructed by insurers and is not radical enough in its intent in any case.
"Patience has run out, it is time for concrete urgent government action.
I am also calling on the EU Commission and the Competition and Consumer protection Commission to extend their investigations into the industry to cover wider questions than just motor insurance.”