Sunday 4 December 2016

New package to tackle sky-high premiums

Published 08/06/2016 | 02:30

Fianna Fáil's finance spokesman Michael McGrath Picture: Tom Burke
Fianna Fáil's finance spokesman Michael McGrath Picture: Tom Burke

Secret compensation settlements between insurance companies and victims of road accidents will have to be revealed as part of an effort to clamp down on spiralling premiums.

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A new National Claims Register to force insurance companies to publish full details of every pay-out they make is now being demanded.

The proposal from Fianna Fáil is an attempt to improve transparency in the sector at a time when motorists have seen prices rise by an average of 35pc.

Motorists are routinely being hit with "ridiculous hikes" of between €200-€300.

The claims register is part of a package of measures to be debated in the Dáil tonight.

Fianna Fáil finance spokesman Michael McGrath told the Irish Independent there is a "black hole" when it comes to information.

Up to 80pc of claims lodged with the Injuries Board - which was set up in response to rising insurance costs in 2004 - are now settled outside its remit, regularly in secret deals.

Mr McGrath said he has engaged with insurers but gets contradictory reasons for why prices are rising but the level of awards are not known.

Irish Independent

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