Alliance welcomes declaration of intent on insurance reform

December 14, 2020
Alliance welcomes declaration of intent on insurance reform
Share:


The Alliance for Insurance Reform has welcomed the Government’s ‘Action Plan for Insurance Reform’ published by the Cabinet Committee on Economic Recovery and Investment’s Sub-Group on Insurance Reform, while expressing concern at the timelines involved.

Commenting on the release of the plan, Eoin McCambridge, managing director of McCambridge’s of Galway and director of the Alliance said, “As a declaration of intent, this plan ticks all the boxes. But progress on real insurance reform has happened at a snail’s pace and the majority of the proposals in the Action Plan have been doing the rounds since the start of 2017. That is 4 years of unsustainably high insurance premiums closing down businesses and stopping voluntary groups from doing what they volunteered to do. We call on the Government to not treat the timelines in this plan as targets to be aimed for. Rather we urge them to speed up the pace of reforms to beat these timelines and allow businesses and society in general to reopen after Covid19 without insurance costs hanging over their heads.”

A summary of the main proposed actions and timelines in the plan includes:

Report on the implementation and early impact of the new personal injury guidelines to be adopted in July 2021 by the Judicial Council– December 2021.

Ensuring that fraudulent claims are forwarded to the DPP – December 2021.

Implementation of recommendations regarding the publishing of insurance fraud data – December 2021.

Central Bank supervision of the insurance industry’s response to business interruption claims by SMEs – ‘Ongoing’ – no deadline.

Legislative proposals on reform of the role of PIAB – June 2021.

Publication of Central Bank data on liability insurance – June 2021.

Peter Boland, director of the Alliance said, “In the last 4 years we have had the Oireachtas Finance Committee Report on Insurance Costs, two Cost of Insurance Working Group (CIWG) reports and 11 CIWG Updates; and the reports of the Personal Injuries Commission. Many of the meaningful actions in these reports experienced slippage or did not happen at all and the reality is that no reform that has happened so far has applied downward pressure on insurance costs. The actions in this report must not be allowed to be dragged out in the same way.”

 
PREVIOUS ARTICLE
Sluggish Superb with Stop/Start malfunction
NEXT ARTICLE
Function of the Secondary Air System

More from BODYSHOP

It starts with Ring

It starts with Ring

icon Renowned auto accessory specia...
OSRAM and Ring to host lighting seminar at Automechanika Birmingham

OSRAM and Ring to host lighting seminar at Automechanika Birmingham

icon Renowned lighting specialists,...
New home for Toyota Trade parts in Waterford

New home for Toyota Trade parts in Waterford

icon In business since 1979, Tom Mu...
FEBEST offers Ball Joint advice

FEBEST offers Ball Joint advice

icon Parts specialist FEBEST has is...
BlueTech DS180 VCI, next generation diagnostics from Delphi

BlueTech DS180 VCI, next generation diagnostics from Delphi

icon The BlueTech DS180 VCI is a ne...
Car-O-Liner opens up OEM approval opportunities

Car-O-Liner opens up OEM approval opportunities

icon In the automotive market the t...

More from AUTOBIZ