It’s shocking that insurance companies are now laying the groundwork for further hikes, as reported in the media today, by announcing the inevitability of further increases. The Competition Authority has previously given insurance industries a slap on the wrist for this type of “softening up”.
There has been no urgency from government. The Department of Finance working group chaired by Eoghan Murphy has met only once on this issue before taking a break for the summer. They should reconvene in light of these latest figures.
Likewise the Finance Committee must prioritise this issue. My colleague Pearse Doherty TD has written to the Finance Committee asking that they make this issue their number one priority. His amendment which was passed by the Dáil specifically calls for the Committee to do this too.
As Sinn Féin have consistently pointed out, the excuses given by the insurance industry don’t add up. There are deeper sustainability issues at play in the industry that must be addressed. The role of the Central Bank as regulator in allowing the current situation to develop must also be questioned.