According to reports this morning the committee currently reviewing they high cost of motor insurance has demanded that the country’s Insurance companies explain why they are increasing motor insurance premiums.
The news comes as a new report reviewing motor insurance is expected to be published in the coming weeks ahead, and according to a government source the committee has recommend that companies show the cost difference between annual premiums and explain price increases to customers.
It is understood that the Minister of State for Financial Services, eGovernment and Public Procurement, Eoghan Murphy will release the new document which will include a number of recommendations to tackle the problem.
The special committee was setup back in September after the vast majority of the Irish public experienced major hikes in their motor insurance premiums without any explanation.