Expert should be appointed to set out reductions in insurance premiums, says RGDATA

“Taxes on windfall profits should also be considered for the insurance companies that are not lowering premiums,” said RGDATA director general Tara Buckley

Cabinet sub committee on insurance reform is due to meet tomorrow (Wednesday, 24 March)

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RGDATA has written to Tánaiste Leo Varadkar to urge the appointment of an expert, who would set out the reductions in premiums that should be applied as a result of the new Judicial Guidelines on minor injury pay outs and other insurance reforms.

“Shop owners and policyholders are sick of being fleeced by insurance companies,” said RGDATA director general Tara Buckley. “Don’t just leave it up to them to ponder on the impact that insurance reforms should have on premiums. Get an expert to set out in no uncertain terms the reductions the government expects to be delivered.

“Our experience to date is that, if left to their own devices, insurance companies will use savings to drive up their own profits and hard pressed shop owners and other policy holders will still be paying unsustainably high premiums,” Buckley added.

RGDATA reports that it has urged the Tánaiste to appoint an independent expert to review the reforms to date and set out the level of reduction that should be passed on to hard pressed shop owners and all other impacted by Ireland’s unsustainable insurance costs.

The Cabinet sub committee on insurance reform is due to meet tomorrow (Wednesday, 24 March) to review the progress made.

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