IPRA welcomes Government’s insurance reform plan…

IPRA welcomes Government’s insurance reform plan…

9th December 2020
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The Government has announced a 66-point action plan to bring down costs of insurance for consumers and business. This follows several years of escalating premiums which has been a bone of contention amongst motorists and commercial users, with many taking part in demonstrations outside Leinster House.

A cross-departmental working group was set up by the Government to tackle the rising cost of car insurance premiums, introduce more competition into the market; prevent fraud and reduce the burden on business, community and voluntary organisations.

David Blevings, spokesperson for IPRA said, “The insurance reform plan is to be welcomed but we need to see urgent action to implement the changes proposed”.

The reforms will consider penalties for fraudulent claims and the passing of legislation that will make perjury an easier offence to prosecute.

“Many of our members in the retail fuels sector have fallen victim to allegedly spurious claims in the ‘slip, trip and fall” category and members’ report insurance companies appear quick to pay out large amounts in compensation rather than defend claims which ultimately leads to an increase in business insurance premiums the following year.

“We look forward to the new plans reducing insurance fraud in the business sector and the proposal to include placing perjury on a statutory footing, thus making the offence easier to prosecute is very good news”, added David.

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