Alliance for Insurance reform calls on Government to address rising premiums
Businesses and organisations are still facing increased costs a year after duty of care reforms were introduced
“My clear expectation of the insurance industry is that they will respond, and respond quickly and appropriately, both by reducing their premiums and extending their risk appetite,” said the then Minister with responsibility for insurance, Dr Jennifer Carroll MacNeill TD last year ahead of the commencement of the reforms to the duty of care.
Now twelve months on since the commencement of this important legislation, liability premiums have yet to come down for the vast majority of businesses, sporting organisations, charities and voluntary groups, and are going up in many cases.
Speaking on the one year anniversary of the new laws commencement grocery store owner and Alliance Board member, Flora Crowe said: “There is significant disappointment that these much heralded reforms have not led to the reductions in premiums we were promised. At a time when costs are increasing for all businesses, we needed this reform to deliver.
“I said this time last year that we expect insurers to deliver lower premiums immediately as the risk associated with every new or renewed policy has just reduced significantly. This has not happened in any meaningful way and, incredibly, many businesses, sporting and community organisations are actually dealing with premium increases.”
Earlier this year, an Alliance survey of 690 organisations found premiums had not come down for 87% of respondents and were increasing in many cases.
At a time when insurers are making record profits we call on the Government to do more to ensure the benefits of its programme of reform are passed on to those for whom they were intended and who need it most.
They told us we should expect premiums to come down and they need to deliver on this.
