Stresses that only reductions in premiums will prove that actions are working
Urges Government “don’t leave anyone behind” in insurance reform plans
The Alliance for Insurance Reform has welcomed the Government’s publication of the first implementation report of the Action Plan for Insurance Reform.
Peter Boland, Director of the Alliance said that “We welcome this report and the actions it summarises. But the plan can only be deemed to be working when insurance premiums start to fall. The cost of insurance is based on future risk; and future risk has halved as a result of the new judicial Guidelines in place since April 24th. But there in no evidence that insurers are passing on the benefits of these reductions.
“Additionally, all the reform that has happened or is promised to happen is of no value to SMEs or voluntary & community groups if they cannot get insurance cover or there is only one underwriter prepared to offer cover. We have identified 35 sectors1 in this predicament.
“It is up to the Government to apply relentless pressure on insurers to react to significant reforms with significance price reductions and it is up to Government to ensure more competition is brought into the Irish insurance market now. We urge the Government to avoid leaving any sector behind as insurance reforms are implemented.”
ENDS
NOTE: The Government’s press release is copied below.
1Sectors, sub-sectors and groups of individuals that are struggling to get cover at all right now or are reduced to one underwriter who is effectively in a monopolist’s situation (even if this in inadvertent, because other underwriters have pulled out of the market) include:
- Adventure centres that deal with children
- Artists, arts workers and arts organisations
- Bike hire shops on greenways and elsewhere
- Bouncy castle operators
- Caravan & Camping Parks
- Car rental
- Childcare providers
- Childminders
- Children’s’ play centres
- Children’s playgrounds (non-local authority)
- Circuses (both community and commercial)
- Climbing walls
- Coasteering
- Drivers of older cars
- Equestrian sports
- Festivals and events
- High ropes (adventure centres)
- Home care providers
- Ice skating
- Incoming tour operators
- Independent marts
- Karting tracks
- Late night venues
- Minority sports
- Mountain biking
- Nursing homes
- Outdoor adventure centres
- Private scheduled buses
- Street artists
- Taxis
- Trampoline centres
- Travel agents
- Tyre depots
- Vehicle recovery operations
- Young drivers
For further information contact:
Peter Boland
ALLIANCE FOR INSURANCE REFORM
TEL: 086 826 6036
WEB: insurancereform.ie
FB: /insurancereformireland
TW: @InsuranceRefIre