Insurance industry 'must pass on profits', says TD
Fine Gael Enterprise, Trade & Employment Spokesman Phil Hogan has called on the insurance industry to ensure that its massive profits result in lower premiums for consumers and small businesses.
“IFSRA has revealed that insurance companies made massive profits in 2003. The non-life insurance sector made €417.3m, a healthy return to profit after the deficit of the previous year.
“The recent series of reforms to the insurance sector has helped the industry to get back on its feet and return to profitability. As a result, motor insurance premiums have decreased to some extent.
“Amazingly, there has been no corresponding reduction in public liability insurance, which is crippling small and medium enterprises and damaging competitiveness. This is nothing short of immoral and cannot be tolerated.
“The IFSRA report provides some welcome scrutiny of the insurance sector.
However, given the devastating nature of many commercial premiums, it could be time to tighten the screw even further,” Deputy Hogan added.
