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Seanad
‹ Order of Business

Insurance price increases

Summary

Senator Burke condemns insurers’ suggestion that higher claims justify price increases and calls for the matter to be debated.

It is a fact that 165,000 additional medical cards were issued in the past year.

This is clear evidence that the Government is not disconnected from what is happening among the general public.

The insurance industry is complaining that the 5% increase in claims might incur higher insurance prices. This is an outrageous statement, given the fact that the overall level of costs, particularly in the legal profession, has decreased by 50% to 60% in the past five years. The suggestion that an increase in claims is justification for increased prices should be contested. We should debate the matter. The industry has opted out of providing house insurance where it does not want to, for example, for properties that have not been flooded but may be subject to flooding. The industry is cherrypicking. There is no justification for its suggestion.

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