According to reports this morning the Fianna Fáil party are push ahead with their plans to call on the creation of a new taskforce that solely focus on tackling spiralling motor insurance premiums.
It is understood the party are finalising their motion that will be submitted before the Dáil later this week. The motion comes after a recent report found that the consumer is paying a staggering 60% more on their insurance premiums and are facing a further 25% hike next year.
According to the party’s finance spokesman Finnian McGrath: “There are many factors that have led to dramatic hikes. There are, of course, issues within the industry itself. I have no doubt there was underpricing for a period of time.”
“But there are other factors that need to be addressed including legal costs, an increase in the number of fraudulent claims and the number of cases handled outside of court.
“There has long been a need for a claims register to be established so that we can compile the data. There is a need now for a co-ordinated and sustained effort to stop the excessive hikes in premiums.”
It is believed the latest motion is calling Government to introduce legislation that would force insurance companies to be transparent about their profits, along with the establishment of a national claims register.