Alliance reacts with anger to new motor insurance data

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Analysis shows motorists still being ripped off by insurers and lawyers

The Alliance for Insurance Reform has reacted with anger to new data that shines a light on what is going on in the motor insurance market in Ireland. The National Claims Information Database (NCID) 2nd private motor insurance report is published by the Central Bank.

Peter Boland, director of the Alliance said “For any hard-pressed motorist hoping that Government action might be driving motor insurance premiums down, the data in this report makes for bleak reading. Nothing much has changed since the first NCID report was published this time last year and nothing the Government has done so far has applied downward pressure to premiums. The report also lays bare the scale of the greed that has driven the current insurance crisis, enriching insurance companies, brokers and lawyers at the expense of Irish motorists struggling to make ends meet.

“It is clear from the comprehensive NCID figures that motor insurance premiums have not reduced dramatically in the last 2 years, contrary to the sample data published by the CSO and used extensively by Government to illustrate progress.

“There is a clear case from this data for immediate reductions in motor insurance premiums to sustainable levels and an urgent acceleration in the real reform programme promised by the Cabinet Committee Sub-Group on insurance reform.

“We have all the data we need on motor insurance now and no time left to waste. General damages for minor injuries must be reduced as a matter of urgency. The duty of care applied to policyholders must be rebalanced in a way that is reasonable, practical and proportionate. A properly-funded Garda response to insurance fraud must be put in place; and as well as immediate reductions in motor insurance premiums, we want firm commitments from insurers on what reductions we will see in liability premiums from all the reforms currently in the pipeline. We have waited four years for substantive reforms and we cannot wait any longer.

“Finally, we are very concerned that the equivalent data for the liability market is not scheduled to be published until next year. This data is essential to protect hard-pressed charities, community groups, sports and cultural organisations and SMEs from further unprecedented and unjustified premium increases which continue even as Covid-19 slashes commercial and social activity.”

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