Now that the Setanta Insurance situation has been solved in the courts and the major insurance companies are reporting big profits there is no justification to increase premiums.
The Insurance companies frequently used the Setanta situation as an excuse to increase premiums in recent years but now that situation has been resolved there is no reason why the companies should continue to increase their prices. The main insurance companies are reporting big profits this year andthe level of claims has levelled out or has been dropping in the past few months. In fact if anything. premiums should be reducing.
The average increase in premiums over the past 12 months is in excess of 30% and that situation cannot continue. Minister Donohue needs to step in and meet the insurance companies to get them to justify increased premiums. Motorists have been hammered with annual increases in premiums over the past few years and if those increases continue many will be forced off the road or will chance driving without insurance which would create even more problems than it would solve, In addition a new bill of quantum needs to be drawn up immediately and this is something that I will be raising with the Minister at the earlier opportunity.