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Gouging insurance companies were back in the firing line last week, courtesy of the Central Bank of Ireland’s private insurance report. The report revealed that motor insurers made profits of €176 million in 2021 on the back of lower frequency of claims during the pandemic and reduced costs due to government reforms.
For opposition parties, the big hike in profits is not being reflected in falling insurance premiums.
Sinn Fein’s Pearse Doherty, a very able crusader for insurance reform, has suggested that insurance companies be forced to pass on a lower cost of claims to motorists. He has legislation, which is before the finance committee, that would further “hold the industry to account to ensure that reduced personal injury awards are passed onto consumers, euro
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