Insurance Costs Are Soaring

April 20, 2016

We need to take action to address the increasing cost of living. This comes on the back of figures released by the CSO which indicate that last year, insurance costs increased by 11.3%.

This change affects not just householders, but businesses also. The Small Firms Association says that insurance costs for it’s members have increased by 29.6% since 2011.

We campaigned on reducing the costs of living and we will pursue this goal in this Dáil term. Car insurance has increased 32% over the past 12 months, the highest recent increase recorded by the CSO, home insurance rates increased 9.5% in the year to March. But the problem goes beyond insurance costs.Last year, private rental accommodation increased by 9.2% in the year. Education costs increased by 3.8%.

In order to reduce the cost of living we need to improve state funding for childcare providers by increasing capitation rates, link funding to quality improvements and reduce and cap childcare charges, introduce truly free primary education, end water charges and save families up to €260 per year by ending the idiocy of a charging system that is costing as much as it is collecting. We can also, combat rising costs in the rental sector by ensuring future rent increases would be linked to the cost of living.

To address rising insurance costs, we must drive down average claim costs by reforming how awards are set by the Personal Injuries Assessment Board and the Courts, and by improving non-litigation options so that legal fees are reduced, improve information-sharing in the industry so that fraud can be more readily tackled and drivers can switch premiums more easily, set up a task force to bring all relevant Government agencies together to establish a clear plan of action and make sure everyone is doing their job and improve Garda enforcement to reduce incidents.