Industry Slams "Lack of Urgency" On Insurance Reform
Representatives of the insurance industry are criticising delays to key reforms aimed at reducing insurance premiums.
Insurance Ireland is warning that a "lack of urgency" in reforming the sector is costing policy-holders.
The call comes on the second anniversary of the publication of the Cost of Insurance Working Group report – which aimed to address the spiraling cost of motor insurance.
This morning, Insurance Ireland chief executive Kevin Thompson said the proposed reforms of the sector are still incomplete.
He said there are two main pieces of legislation which must be enacted in 2019 to address high premium levels – the establishment of a Judicial Council with new compensation guidelines and a Personal Injuries Assessment Board to improve the claims process.
“These are two key recommendations that actually go to the heart of reducing the level of awards or addressing the level of compensation that we have in this country,” he said.
“It is a lack of urgency unfortunately and we are greatly concerned about it.
“This is really feeding in to be a competitive issue for us here in Ireland.”