Speedier action on motor insurance needed, says McGrath

Fianna Fáil finance spokesman Michael McGrath has called for speedier Government action on the rising cost of motor insurance.

“Concern from Government is no longer enough,’’ he said. “Motorists want action on this issue.’’

Mr McGrath told the Dáil on Thursday there had been a 60 per cent increase in premiums since the beginning of 2014, with an increase of 35 per cent in the past 12 months alone.

“The bottom line is that motorists have had enough of these unacceptable and unsustainable premium hikes,’’ he added.

He recalled two weeks ago Fianna Fáil had put the issue on the Dáil agenda by way of a Private Member’s motion which had been agreed unanimously by the House.

The motion, he said, had called for the setting up of a task force along the lines of the motor insurance advisory board which had successfully tackled the issue some years ago.

When motions were passed by the House, they represented the will of the Dáil and the people TDs represented, said Mr McGrath.

Tánaiste Frances Fitzgerald said the Government was concerned about the cost of motor insurance.

She said Minister for Finance Michael Noonan had asked his officials to examine the factors contributing to the increase in costs.

The work was part of an overall review of policy in the insurance sector which the department was carrying out in consultation with the Central Bank and the other departments, agencies and external stakeholders, she said.

It would recommend the measures to improve the functioning and regulation of the insurance sector, Ms Fitzgerald added.